The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1913-05-02


division. $5s
zss !, sES 4Pga DEEMED 5ss1 20
of dishonor is duly addressed and DEPOSITED In
the postoh1ee, the sender Is S deemed ta TO have
gayen due 9,a 9.1r mis-
b Sec. 100. -IDEPOsIT IN POsTOFFICE:
WHAT CoNSTITUTEs) ssotice is deemed to
have been deposited in the post-ofhces when
letter box under the control Of the post:
Office department. ass.& = asssS<
Sec. 1o7.-(NoT1cE TO- SUBSEQUENT
notice Of dishonor.. he has. after the receipt
OF such notice, the same time for giving nos
tice to antecedent parties that the holder
has, after the dishonor: ,.,.u :. -. s.
sENT) Where a party has added an 'ad-
dress to his signature. notice OF dishonor
must be sent to. that address. put II he has
~ Either to the post once nearest to his
place Of residence. or to the post-oft1ce where
Fl 81 If he live in one place, and have his
place of business in another, notice may be
sent to either place.; or aa,Es - :, !.
+ ~: II he is sojourninE in another place.
But where the notice = actually ly. received
this act. 1T will be sufficient though not
sent in accordance with the requirements Of
Sec 1os.-wAIyER OF NoTIcE) Notice
Of dishonor may be waived, either before the
time Of giving notice has arrived. or after
the omission to give due notice. ana the
Sec 11o 10y " H5I AFs'DcrEp BIZ wA1v-
Err Where the waiver is embodied In the
nature i Of an ind5rser, it binds him only.
Sec 111.-(WlA1vER OF PRooTEsT) 4
foreign bill Of exchange or other negotiable
instrument, is deemed to be q waiver not
only, Of a formal protest; but also OF present
Sec 112-SWHEN NOTICE IS DISPENSED
WITTY Notice Of dishonor IS dispensed with
gence, it cannot be given to or does not
re see thf pa66ff z3ehs soT1cE
dishonor is excused when the delay !, caused
by circumstances beyond the control Of the
holder. and not imputable to- this default i;
[delay ceases to operate, notice must be given
with reasonable diligence.
BE &c GIVEN aT: 70 H PRAWRR.! Notice q dis
drawer Il in either Of the following cases:-
ny Where the drawer and drawee are the
(2) When the drawee is fictitious person
or person not having capacity to contract;
tho instrument is presented for payment.
a. Where the drawer has NO right to ex-
or 5saq fSc that as
~ Where the drawer has oountermanded
= Sec. 1i5.-wHEN NOTICE NEED NOT BE
is not required to be given to an fndorser In
either of the following cases:--
p Maere n sne hsSns Capacity to Contract
and the indorser was aware Of the fact al
the time he Endorsed the instrument;
(2) Where the indorser Is the person to
whom the instrument IS presented for pay
Is, Where the Instrument was made or
Sec 11e.-(NoTIcB OF NoN-PAYMENT
WHERE AccEPTANcE REFUsED;) Where
S See given notiee Of Subsequent dshonor
by ncn-payment is not necessary. unless in
the meantime te instrument has been &C.
See: l17:-EFFEcT OF ,,s OMISSION sion TO
omission to- give notice Of dishonor' by non.
a holder In due course subsequent to the
omission.
BE Sec M1 a1sW WEs MgsT Be NFg %AS Bet
Where any negotiable instrument has been
dishonored 1t may be protested for Monaco
be-; but protest is not required. except in the
case Of foreign bills Of exchange.
ARTICLE VIM.
DISCHARGE OF NEGOTIABLE 1NsTRU-
| MENIS. /
Sfi s.ses1s m9w !. P1s
a. BY payment in d.. course by or on
behalf b, Of the principal debtor ~ ~.
accommodated, where the instrument is made
or accepted for accommodation;
| (3) BY the intentional cancellation thereof
"a By any other act which will discharge
simple contract for the Of money
holder Of the instrument at or after maturity
R sff TiA5En On fBRsaEz sB9oH3
person, secondarily liable on the instrument
a. Si By any act which discharges the in.
~ By the Intentional cancellation Of his
sif as BY the holder i, nr,o~ r+v
| az BY valid tender Of payment made
by prior party;
@ BY *. Of
the party secondarily liable is expressly re-
served;
(e) BY any agreement binding upon the
holder to extend the time OF payment, or to
postpone the holders right to enforce tho in
strument, unless made with the assent Of the
Of recourse against such party is expressly re-
served. --- -.
able thereon, 1t Is not discharged; but the
party so paying 1t is remitted to his former
may strike out his own and all subsequent
Endorsements, apd again negotiate the instru-
! IN Where 1t Is payable to the order Of a
third person, and has been paid tby the draw
ek; and
commodation, and has been paid by the party
accommodated.
Sec: 2.-lRENuNc1AT1oN By HoLDER)
The holder mayfexpressly renounce his rights
against any party to the instrument before,
tSs aefor ss
the maturity of the instrument discharges. the
instrument. But Pronunciation does not at
nf Q, m be- a
l. ing unless the instrument Is delivered up to
the person primarily liable thereon:
TIoNAL; BURDEN OF PRoOF.) cancel
lation made unintentionally. or under a mistake
Or without the authority Of the holder is in
operative; but where an Instrument or any
signature thereon appears to have been can
celled the burden Of proof. lies on the party
who alleges that the cancellation was made
| unintentionally, or under mistake or with
0o Sec so: insS4t.@!yiA1rERAr1oN OF 1NsrRu-
instrument a is materially altered without the
assent Of all parties liable thereon, 1t is
avoided. except as against q party who has
himself made. authorized sr essented to the
alteration. and subsequent indorsers
| But when an instrument has been materially
altered and is In the hands =. OF holder IN
may enforce payment thereof according to
| its original tenor
TERIAL ALrERAT1oN.) Any alteration which
i2) The sum payable, either for principal o,
interest: -.
(3l The time or place Of payment;
parties:
81 The medium or currency IN which pay
ment Is to- be made: -