Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-04-09

ment. But where the instrument mas
been paid in part. It may be inoorseo as
Section SO. An Endorsement may be
either special or in blank; and it may
also be either restrictive or Quaiineo'
Section 81. A special Endorsement
specifies the person to whom, or 70
whose order. the instrument is to De
indorsee is necessary to the further
negotiation of the instrument. An IN
dorsement in blank specifies no IN,
dorsee. and an instrument so Endorsed
is payable to bearer, and may De ne
gotiated by delivery.
Section 35. The holder may convert
a blank Endorsement into special IN
dorsement by writing over the sigma
ture of the indorser in blank any con.
tract consistent with the character OF
the Endorsement.
Section So. An Endorsement il re-
strictive. which either:
ID Prohibits the further negotia-
tion of the instrument; or
Cd Constitutes the lndorSee the
agent of the indorSer; or
(3.) Vests the title in the lndorsee
in trust for or to the use of some other
But the mere absence of words i'm
plying power to negotiate does not make
an Endorsement restrictive.
Section 81. A restrictive indorse-
ment confers upon the indorsee the
I.j To receive payment of the in
(3D TO bring any action thereon
that the indorScr could bring:
l3D To transfer his rights as such
indorsee. where the form of the in
dorsement authorizes him to do so.
But all subsequent indorsees acquire
only the title of the first indorsce under
the restrictive Endorsement.
Section SO. a qualified Endorsement
constitutes The indorser ;na,r, mere as
may be made by adding to the indors-
er'.s signature the words without re-
course" or any words of similar I'M
port. Such an endorsement does not
impair the negotiable character of the
instrument.
Section 80. Where an Endorsement
is conditional. party required TO pay
dition. and make payment TO the IN
dorsee or his transferee, whether the
condition has been fulfilled or not. But
any person to whom an instrument 50
Endorsed is negotiated. will hold the
same. or the proceeds thereof. subject
to the rights of the person indorsing
conditionally.
payable to bearer, is Endorsed specially
il may nevertheless be further negotlat-
ed by delivery; but the person indorsing
specially is liable as indorSer to only
such holders as make title through his
Endorsement
Section ii. Where an instrument is
payable to the order of two or more
~
ners. all must indorse, unless the one
indorsing has authority to indorse for
the others.
ier' or other fiscal officer of a bank or
corporation. it is deemed prima facle
to be payable to the bank or corpora,
ton of which he is such officer: and
may be negotiated by either the in
dorsement of the bank or corporation.
or the Endorsement of the officer.
nF q
payee or indorser is wrongly designated
or misspelled. he may indorse the in
strument as therein described. adding,
if Re thinks TT, his proper sisna';n y EN-
der obligation to indorse in repre-
sentative capacity. he may indorse IN
such terms as to negative personal Ia
Section AS Except where an indorse-
ment bears date after the maturity or
the instrument, every negotiation IS
deemed prima facle 10 nave Deen 81 :
fected before the instrument was over
due.
Section 46. Except where the con
trary appears, every indorsemsen, is IS
the place where the instrument is
dated. ..-
Section Al. An instrument ,negotia-
BILE in its origin continues to be nego-
table until it has been restrictlvely IN
dorsed or discharged by payment or
otherwise.
Section AS. Inc nOlUtT may at an
time strike out any Endorsement which
is not necessary to his title. me IN
dorser whose Endorsement is struck out,
and all indorsers subsequent TO him,
are thereby relieved from llaplllty On
Section 40. Where the holder of an
instrument payable to his order trans
fers il for value without indorsing 1t,
the transfer rests III the transferee
such title as the transferor had there
in. and the transferce acquires, IN ao-
dition, the right TO nave 1ne l s Sc
ment of the transferor. But for the
purpose of determining whether tne
transferce is a holder in due course,
the negotiation takes effect as or the
time when the Endorsement Is actually
Section so. Where an instrument is
negotiated back to a prior party, sucn
party may. subject to the tb prov1s, eoia te
the same But he is not entitled TO en-
force payment thereof against any IN
tervening party to whom he was per-
section 81. The holder of negotia-
HE instrument may sue thereon in ms
own name and payment TO nm IN que
course discharges the lnStIuliie ea',rsa 10
a holder who has taken the instrument
under the following conditions: ,or
Is THAT it is complete and regular
"p (2l That he became the holder OF 1t
before it was overdue. and without no no
tice that it had been previously as
honored. if such was the fact;
go That he took 1t IN good laith
and for value; ~. :. ,.s raoo-
tiated to him he had no notice OF any
intirmity in the instrument or delec. Ill
The title of the person negotiating IL.
Section SO. Where an nStruileH'
payable on demand is negotiated an un-
reasonable length of time AFTER US is
sue. the holder is not deemed hoiuei
in due course. ,.roroo 20
Section "a. Where the transl cree re-
ceiWrs notice of any intirmity In the IN
s{rrn,nt or defect in the title or the
person negotiating the same pe5ote ne re
has naid the full amount agreed 70 pc
ia therefor. he will be deemed a hoidc
~ in due course only to inc extent u
The amount heretofore paid by hlnl'
Section 55 The title OF a person VIM VIM
nogotiates an instrument is deiec.iHe
ny Min Inc meaning of this act when
bc obtained the instrument, or any 'ie
naturc thereto, by fraud durcsS' or
49, ana fcar. or other unlawful means,
nr Tor an illegal consideration, or WheH
t facilitates it in breach of faith, or
indt-7 such circumstances as amount
- Section Sc. To constitute notice OF
o., in,irmity III the instrument or defect
in the title of the person negotiaIllls
lie Same. the person TO whom 1t Is ne
ttnfi.frd must have had actual knowi-
edge OF the iuhrmiiy or deiccl, ~
knowledge Of such facts that ms ac,iol,
in taking the instrument amounted u
Sectiom 81. \ holder in due course
boId. the instrument free from any oe-
fcct of title of prior parties. ana iree
from defenses available to prior PAL ,icS
IL M