The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-07-08

Iare not prompt in meeting their notes
On the date when due:
Suppose you owe Bill Smith 500
and have given your note in payment
for same, payable tomorrow morning.
II Bill knows you have money on de-
post in the bank he's not going to
worry about whether you are going to
pay that 500 note. Not a bit of if. Bill
| will simply take that note to the bank
and have it cashed. just like it was
a check. The bank is compelled to nav
it out of the funds you have on deposit.
providing they are sufficient to cancel
the principal and interest.
Another effect of the new law w,
oe 10 require banking institutions 70
close at the noon hour on Saturday
inns has not been finally agreed unon
ny the banks OF Hattiesburg, but will
probably go into effect sometime this
month. This virtually makes a Satur-
DAY half holiday for the banking insti
buttons.
The negotiable instruments ac. wae
framed by State Senator Murray. of
warren county. It's purpose is to make
the Mississippi laws relative to ALI
forms of commercial paper conform IN
Tie uniform negotiable Instruments
statutes Of other states. All states in
the Union, with but two or three ex.
ceptions, have enacted this law.
very few members of either branch
OF the laWmaking body seemed to real
lie the Importance of the Murray bill
While 1t was being considered In fact
1t was never read in full in either bodv
on hnal passage, the reading clerks
shilling many sections on assurance
from the committees that the provis-
ions of the bill were satisfactory
Here are some of the provisions of
The new law that should be carefully
studied by all business men:
Every negotiable instrument is nay.
able at the time fixed therein without
grace. When the day of maturity falls
on Sunday or a holiday, the instru-
ment is payable on the next succeed
ing business day. Instruments falling
due or becoming payable on Saturday
are TO be presented for payment on
the next succeeding business day. eX-
cept that instruments payable on de-
mand may at the option of the holder.
be presented for payment before u
o'clock on Saturday when that entire
day is not holiday"
can instrument is payable on de
mand where it is expressed to be pay
able on demand, or at sight. or on
presentation, or in which no time for
payment is expressed"
Notes do not bear three days of
grace. Sight and demand drafts may
not be accepted as formerly; they will
bear only such grace as they specify,
for example, Zone day after sight"
or "At three days sight" When a
draft payable after sight or a note
falls due on Sunday or a holiday it is
payable on the next business day fol-
lowing; and when due on Saturday the
payer has the option of deferring pay
ment until Monday Tor. if Monday is
a holiday until the next business day
following), but this option in regard
to paper maturing on Saturday does
not apply to demand drafts presented
before II O'Clock that day.
THE drawee is allowed twenty-four
hours after presentment in which to
decide whether or not he will accept |
the bill (of eXchange). but the accept ;
ance if given. dates as of the day of
This applies to drafts payable after
sight, not to drafts payable on demand
If the draft is presented on the Sth of