The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-04-08
NOTES AND CHECKS.
Affected by Negotiable instruments
Law Recently Passed.


ments law, piece Of uniform legisla-
ton, became operative in South Caro-
lima. The law was passed by the gen
eral assembly March 4 and is identi-
cally the same in several paragraphs
as similar laws in other states. While
the provisions are Of chief concern to
bankers, the public is also interested
in the charges. Copies Of the law
have been received in Charleston and
bankers have been making themselves
fami ar with the provisions, and the
following article is clipped from The
News and Courier:
According to the negotiable instru-
ments law, unless check is present
ed for payment reasonable time
after it's issue the drawer is relieved
of liability to the extent Of the loss
occasioned by tardiness. This is con-
sidered very important. 1t IS said
that some people have habit Of
holding checks, drawn in their favor,
for a considerable period and that
this practice is very bothersome.
When checks are held back the mat
ter Of adjusting balances at the bank
is at times Of some concern. The pro-
visions Of the law do not, Of course,
apply to notes, drafts and checks
drawn before its passage.
Under the new law the three days
Of grace convenience has been abol-
ished and negotiable instruments be-
come due and payable on the date
specified: ga note payable at bank"
said a banker, "is equivalent to an
order to the bank to make payment
for the account Of the maker. South
Carolina has been the only State in
the union where a bank has had to
consider the signature Of check as
transferring to the payee the amount
stipulated in the check. A bank was
without authority to withhold pay
ment even in cases where the makers
requested such action. Under the
new law a check of itself does not
operate as an assignment of any part
of the funds to the credit OF the
drawer with the bank and the bank
is not liable to the holder unless and
until it accepts or certifes the check.
I quote this part verbatim.
at is believed that the negotiable
instruments law, such as the one late
ly enacted by the general assembly Of
South Carolina, will before long be
by all the states in the union.
It is a piece Of uniform legislation
that is sorely wanted. and will oper-
ate to the benefit and protection Of
banks and individuals. In this State
the new law applies to transactions
made on and after Tuesday next, not
to transactions that have already been
made"
Attention has been directed to the
following provisions:
Paragraph S5-Every negotiable
instrument is payable at the time
fixed therein, without grace. When
day of maturity falls upon Sunday or
a holiday the instrument is payable |
on the next succeeding business day.
instruments falling due on Saturday |
are to he presented for payment on
The next succeeding business day. ex-
,ept that instruments payable on de-
nand may, at the option of the hold
er. be presented for payment before
l2 o'clock noon on Saturday, when |.
hat entire day IS not holiday.
Paragraph S7-Where the instru-
nent feither note or an acceptance)
$ made payable at bank, it is
equivalent to an order to the bank to
,ay the same for the account Of the i
principal debtor thereon.
Paragraph 111-A waiver of pro-
est, whether in the case Of foreign
ill Of exchange Or other negotiable
Instrument, IS deemed to be a waiver
lot only of q formal protest, but also
# presentment and notice Of dishon
,r.
Paragraph 127-A bill Of itself
Ioes not operate as an assignment Of
he funds In the hands Of the drawee