The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-03-05

PCNs ALos -NOtAGN vi NOu-HdYIlG0I-
Where Acceptance Refused. Whera
due notice of dishonor by non-accept.
ance has been given notice of a sub
sequent dishonor by non-payment is
not necessary, unless in the meantime
the instrument has been accepted.
Sec. lit. Effect of Omission to Give
Notice of Non-Acceptance. An omis-
sion to give notice of dishonor by
non-acceptance does not prejudice the
rights OF a holder in due course sub
sequent TO the omission.
Sec. lis. When Protest Need Not
be Made; When Must be Made. Where
any negotiable instrument has been
dishonored it may be protested for
non-acceptance or non-paymenJ, as
the case may be; but protest is not
required except in the case of for
eign bills of exchange, but the provi-
sions of this section shall not be held
to dispense with demand and notice
of dishonor as provided by sections II
and 80.
ARTICLE VIII.
DISCHARGE OF NEGOTIABLE INsTRU-
MENTs.
Sec. 119. Instrument; How Dis
charged A negotiable instrument is
discharged:
% By payment in due course by
or on behalf of the principal debtor;
(2) By payment in due course by
the party accommodated, where the
instrument is made or accepted for
accommodation
go BY the intentional cancella-
ton thereof By the holder:
(4) By any other act which will dis
charge a simple contract for the pay
ment of money;
90 When the principal debtor be-
comes the holder of the instrument at
or after maturity in his own right.
Sec. 100. When Persons Secondarily
Liable en-, Discharged A person
secondarily liable on the instrument
is discharged:
% BY any act which discharges
the instrument;
ca BY the intentional cancellation
of his signature by the holder:
CD By the discharge of a prior
party;
(4) BY a valid tender of payment
made bY a prior party:
60 BY a release of the principal
debtor, unless the holders right of re-
course against the party secondarily
liable is expressly reserved:
go BY any agreement binding upon
the holder to extend the time of pay
ment. or to postpone the holders right
to enforce the instrument. unless
made with the assent of the party
I secOndarily liable. on unless the right
Of recourse against such party is eX.
! pressly reserved.
See. 121 Right of Party who Dis
| charges instrument. Where the in
I strument is paid by a party second
arily liable thereon. it is not dis
! charged; but the party so paying it is
remitted to his former rights as re-
CARDS all prior parties, and he may
strike out his own and all subsequent
Endorsements and again negotiate the
/ instrument, except
(D Where it is payable to the order
! of a third person, and has been paid
| by the drawer: and
| CD Where ii was made or accept
ed for accommodation. and has been
| paid by the party accommodated
See. 122. Remuneration by Holder.
I The holder may expressly renounce
| his rights against any party to the in
| strument before, at or after its ma
| turity. An absolute and unconditional
remuneration of his rights against the
| principal debtor made at or after the
maturity OF the instrument discharges
/ the instrument But remuneration
! does not affect the rights of a holder
in due course without notice. a re-
nunciation must be in writing. unless
( the instrument is delivered up TO the
person primarily liable thereon
Sec. 1913. Cancellation Unintention.
al; Burden of Proof A cancellation
+ made Internationally or under mis-
take or without the authority of the
holder, is imperative; but where an
! instrument or any signature thereon
appears TO have been cancelled the
burden of proof lies on the party who
alleges that the cancellation was made
/ unintentionally. or under a mistake
or without authority.
( Sec. 1874 Alteration of Instrument;
Effect Of Where a negotiable instru.
ment is materially altered without
the assent of all parties liable there
! on. Il is avoided, except as against
a marty who has himself made, au-
! thorized or assented to the alteration.
/ and subsequent indorsers.
/ But when an instrument has been
materially altered and is in the hands
/ of holder in due course, not a party
to the alteration. he may enforce nay
ment thereof according to its original
/ tenor.
Sec. 125. What Constitutes Va.
terial Alteration Any alteration
which changes,
% The date:
t2) The sum payable. either for
| principal or interest;
CD The time or place Of payment:
90 The number or the relations Of
/ the parties;
t5) The medium or currency In
I which payment lis 20 be made;
Or which adds a place OF payment
where no place Of payment is speci-
/ fled. or any other change or addition
which alters the effect Of the instru-
ment in any respect, is a material al
| terauou
TITLE H.
BINS OF EXCHANGE.
! Apv-TTI L