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

son is iunder' obligation to Endorse ia rep
resentative, capacity. he may indorse in such
terms as to negative personal liability Ea
Sec As. (TIME OF ENDORSEMENT; PRE-
SYMPHONY Except where an Endorsement
bears date after the maturity OF the instru-
nent, every negotiation is deemed prima facie
was overdue. . - = ~ - - =. 81 III
PREsUMPr1oN:) :. Except where the con;
prima facie to have been made at the place
See 4 l e9STSSuA 4 ON OF NEeor1
able in its origin continues to be negotiable
until it has been restrictively Endorsed Or dis
eh see sS pagTmsns e oUT
MENTD The holder may at any time strike
out any Endorsement which Is not necessary
to his title. The indorser whose Endorsement
is struck out and all indorsers subsequent to
him, are thereby relieved from liability on the
= Sec. 10. TRANSFER. WITHOUT + IN
tDORsEMENT; EFFECT OF Where the
holder Of an instrument payable to his order
transfers It for value without inde e,a IT.
fierce acquires, in addition, the right to have
purpose of determining whether the transferee
is hqlcer in due the me
Sec. 50. I'VE WHEN PRIOR PARTY MAY
NEGOTIATE INSTRUMENT.) Where an In
1SIrumenL Is neSOIlaIeQ DdCk 10 u pIiOT T,
such party may, subject to the provisions Of
this act. reissue and further negotiate the
same. But he is not entitled to enforce pay
ment thereof against any intervening party to
| whom he was personally liable.
7 ARTICLE ~.
RIGHTS OF THE HOLDER.
! Sec. 81. FRIGHT OF HOLDER TO SUE;
IPAXMENT.) The holder Of a negotiable in
str,hment may sue thereon in his own name
and pa, payment to him in due course discharges
fER m DUE CoURsE.) A holder In due
uh rs esE a has eo ths1 as
~ That 1t Is complete and regular upon
~ That he became the holder Of 1t before
! 1t was overdue and without notice that 1t
had been previously dishonored, If such was
~ THAT he took it in good faith and for
value;
a, That at the time It was nesotiated t.
HOLDER IN DUE cOURsE.) Where an in
strument payable demand is negotiated
him he had no notice Of any infirmity In the
instrument Or defect In the title OF the person
an unreasonable length Of time after its issue,
the holder is not deemed a holder IN due
course. =.
NoT W5s,o R ,s f4sa:,sra ruL Il
ment or defect in the title Of the person ne:
gotiating the same before he has paid the full
amount agreed to be PAID therefor he WIN BE-
e1 5so Of s. the R Raf y 3
nS 1e IS 81 within the
this act when he obtained the instrument, OF
any. signature thereto, by fraud. duress, OF
it in breach Of faith, or under such circurn-
Sec. Sc. WHAT Constitutes NOTICE
OF DEFECT) To constitute notice Of an In
e y, The ss IN
had Rat1v actual knowledge Of The intirnty or de.
feet, Or knowledge Of such facts that It, his a, &C;
Sec. 81. RIGH1s OF HOLDER IN DUE
instrument free from any defect Of title OF
prior parties, and free from defenses available
to prior parties among themselves. and may
enforce payment Of the instrument for the full
amount thereof against all parties liable there
ON.
SEQ bs. WHEN SUBJECT TO ORIGINAL
other than holder IN due course, negoti-
able instrument is subject to the same de-
. lenses as II it were non-negotiable. But a
| holder who derives his title through holder
in due course, and who Is not himself party
to any fraud Or ilegaty affecting s the i hade
in respect Of ali parties prior to the latter.
Sec 5s-(wHo DEEMED HOLDER IN DUE
ee h9aer Is but Wea It
shown that the title Of any person who has ne
| gotiated the instrument was defective, the bur-
den is on the holder to prove that ne s,-e OF
| the title as holder in due course. But the
aforementioned rule does not apply In favor
of a party who became bound on tho instru-
i've title
ARTICLE v.
LIABILITIES OF PARTIES.
\ Sec. 6o.--HIABIL1TY OF MAKER.) The
maker of a negotiable instrument. by max ing n
tenor, and admits the existence Of the payee
an? sec ms 1he1 ia2sfhr = oF
drawer by drawing the instrument admits the
existence Of the payee and his then capacity t.
indorse; and engages that on due present
Or both, according to its tenor and that, II II
be dshonored and the necessary proceedings or
be ay soe4 or VIII 9ss
pay it. But the drawer may. Insert in the
or @s1 limiting hitting his his own liability to the holder
Sec. 82.9(LIABlLITY. OF, ACCEPToR.) TIT
aeceptor by accepting tho Instrument ont engage,
his acceptance: and admits,
| (D The existence Of the drawer. the genu-
au Hiaesi y to ID draw the Instrument ana
i (2) Tho existence Of the payee and his
ths sec e'Da ss tS 1asSF'' PERSON DEEMED
nature upon an instrument, otherwise thar
an in6orser, unless he clearly indicates by ap
propriate words his intention to DO bound IL
so Sec V s4G f1pdsyir OF IRREGULAR IN
DORsERs.) Where person not otherwise q
party to an instrument, places thereon his sig
IN n WIZ he
I rules:
+ as Il |. ps}: e sns hs
l and to all subsequent parties
be beer e he is liable to all parties subsequent
. to the maker drawer.
If he ha sn is fable hs to al
Sss 4S29v T AZ g,r MEso
Every person negotiating an instrument by de
livery or by a qualified Endorsement, warrants
! ~ That the instrument Is genuine and II
t9 That he has a good title to 1t:
I 81 That all prior parties had capacity tt
which would Impair the validity Of tho in:
ns Mar 1as in faor
holder other than the immediate transferee.-
4 The provisions of subdivision three Of this
public or CORPORATION securities. other thar
0'! ssc ap s5." n9ieIi OF GENERAL IN
out qualification, warrants to oil subsequen
'' q The e. matters and things mentioned IL
subdivisions one, two and three Of the mex
preceding section: and
u .f(2) That the Instrument is at the time Of
his Endorsement valid and subsisting.
r. And in addition. he engages that on due
lpresentment. it shall be accepted or paid. o,
both. the case naYt be, according to IT.
tenor, and that if it ID dishonored, and the
necessary proceedings on dishonor be duly
taken. he will pay the amount thereof tt
the older or to any subsequent indorser -phe
may be compelled to pay It.