The Republican journal. [volume] (Belfast, Me.) 1829-current, 1917-04-05

ment. But where the instrument has
been paid IN part. 1t may be indorsed -
Section So; An Enforcement may BE-
also be either restrictive or qualified.
or conditional.
Section "a. A special Endorsement
Mhosa order ts es'Gn 70 e {:
h indossse IL nsc tss to ths further
dorsement in blank specifics no in
dorsee. and an instrument 80 indorsed
is payable to bearer. and may be ne
go saa,;dn by * deii livery .,s.u ....
blank Endorsement into a special In
ture Of the indorser in blank any con-
tract tr consistent with tho character Of
Section IS; An Endorsement IL re-
strictive, which either:
ton Of the instrument; or
o. Constitutes the indorsee the
agent Of the indorser; or
(3) Vests the title In the indorsee
But the mere absence Of words Inn
plying. power to negotiate does not make
Section 81. A restrictive indorse-
ment confers upon the indorsee the
.M:5 To receive payment of the in
az - bring any action thereon
50 To transfer his rights as such
dorsement authorizes him to do so.
But all subsequent indorsees acquire
only the title Of the first indorsee under
the restrictive Endorsement.
Section 49,. A qualified Endorsement
constitutes the indorser mere as
signor the title to the instrument. 1t
may be made BY ~ adding to the ndors
course" or any words of similar i'm
port. Such an Endorsement does not
impair the negotiable character of the
Section 80. Where an endorsement
Is conditional, a party required to pay
the instrument may disregard the con-
dition. and make payment to the in
condition has been fulfilled or not. But
any person to whom an instrument SO
indorsed is negotiated, will hold the
to the rights of the person indorsing
conditionally.
Section 10. Where an instrument,
payable to bearer. is Endorsed specially,
it may nevertheless be further negotiat-
ed by delivery: but the person indorsing
specially is liable as indorser to only
such holders as make title through his
Section A.. Where an. instrument is
payable to the order of two or more
payees or indorsees who are not part
ners, all must indorse, unless the one
indorSing has authority to tndorse for
the others.
Section ~. Where an instrument is
drawn or indorsed to a person as Cash
ier'' or other fiscal officer of bank or
corporation. it is deemed prima facie
to be payable to the bank or corpora
ton Of which he, is such officer; and
dorsement of the bank or corporation,
or the Endorsement of the officer.
Section 4S. Where the name of q
payee or indorser is wrongly designated
or misspelled, he may indorse the in
strument as therein described, adding,
if he thinks fit, his proper signature.
Section a. Where any person Is un-
sentative capacity, he may indorse in
such terms as to negative personal liza
bility.
ment bears date after the maturity Of
the instrument every negotiation is
deemed prima facie to have been ef-
fected before the instrument was over
due.
Section As. Except where the CON
trary appears. every Endorsement is
presumed prima facie to have been at
the place where the instrument is
Section At. An instrument negotia-
BILE in its origin continues to be nego-
table until 1t has been restricttvely in
dorsed or discharged by payment or
Section 4s. The holder may at any
time strike out any Endorsement which
is not necessary to his title The In
dorser whose Endorsement is struck out
and all indorsers subsequent TO MIN
are thereby relieved from liability on
Section ~. where the holder OF ar
Instrument payable to his order trans
fers it for value without indorsing 1t
the transfer rests in the transieree
such title as the transferor had there
, in. and the transferee acquires, in ad
djtion the right to have the lndorse
ment of the transferor. But for the
purpose of determining whether the
transferee is a holder in due course
the negotiation takes effect as OF tht
Time when the Endorsement is actually
made ,.,. L.
negotiated back to prior party, sucf
party may, subject to the provisions Of
this act, reissue and further negotiate
the same. But he Is not enhltlea n TO en- en-
tervening party to whom he was per
Section 81, The holder Of al ne e IL:
own name and payment to him IN due
course discharges the instrument ;.
, Section So. A holder in, due course !.
holder who has taken nnd 5ha ans'f u'''e''
: Is That it is complete and regular
: upon its face; - A., lo,aor ~ I,
, before it was overdue, and without no
: tice that it had been previously dls
; honored, if such was the fact; e.,..
(3) That he took it IN gooo iai'i
any 1H That at the time it was nego
tiated to him he had no notice OF any
infirmity in the instrument or deleGt II
. the title of the person negotiating IL, ~, ',
, Section So. Where an lnstrunleh
nayable on demand is negotiated an un
reasonable length of time after Us Is
sue, the holder is not deemed d holoe'
III section 81. Where the transfers. re
ceives notice of any infirmlty IN tne ~
strunlent or defect in the title OF IN
person negotiating the same peiote =,
/ Tas paid the full amount agreed to o.
Via therefor. he will be deemed hold
er in due course only to the eAtene y
: the amount heretofore paid by MIN:
Section So. The title OF person Wn'
,,erotiates an instrument is qefectlV'
, m';Ihin the meaning of this act whel
!, l'a obtained the instrument, or any SIG
: ,,.tI,rt thereto, by fraud, duress. o.
fm,.ce and fear, or other unlawful means
i, nr for an illegal consideration, or Whel
he nepotiates it in breach OF faith, o.
, unae. such circumstances as aahouh
10 SECTION 56. To constitute notice O
: an intirmity in the instrument OF aeiee
: in the title of the person neg u ,il
: The same, the person to whom II IS ne
, Wv. .aI i;atnd must have had actual know
edrc of the infirmity or deiect, VI
i,ueoLylndge of such facts that his actor
in taxing the instrument amounted u
o' Section elton 81. A holder in due coul !,
, Lolds tbe instrument free from any ,ue