The Republican journal., 1917-04-05

must be protested for non-payment by
mig! Section I'll. Where bill has been
may Intervene and pay it supra protest
for the honor Of any person. liable
thereon or for the honor Of the per-
so Section f4F w IT, The Payment For honor
supra protest in order to operate as
such and not as mere voluntary pay
%ent Of m Sonor De wS may oy
to tt the protest or form an extension
made by the payer for honor or bya his
agent in that behalf declaring his in
tention to pay the bill for honor and
for whose honor he pays.
Section 174. Where two or more per-
sons offer to pay bill for the honor Of
different, parties, the person whose pay
bill is to be given the preference.
Section u.s. Where a bill has been
paid for honor. all parties subsequent
to the party for whose honor it is paid
are discharged. but the payer for hon
or is subrogated for. and succeeds to,
both the rights and duties of the hold
er as regards the party for whose
honor he pays and all parties liable to
Section 17e. Where the holder of a
bill refuses to receive. payment supra
protest he loses his his right Of recourse
Section III. The prayer for honor,
on paying to the holder the amount Of
dental to its dishonor, is entitled to re-
ceive both the bill itself and the pro-
test
Section 17s. Where a bill is drawn
in a set, each part of the set being
numbered and containing a reference to
the other parts, the whole of the parts
constitutes one bill.
Section 179. Where two or more parts
of set are negotiated to different
holders in due course, the holder whose
title first accrues is as between such
holders the true owner of the bill. But
nothing in this section affects the rights
of a person who in due course accepts
or pays the part first presented to him.
Section 1870. Where the holder Of a
set indorSes two or more parts to diff
ferent persons he is liable on every
such part. and every indorser subse-
quent to him is liable on the part he
has himself Endorsed, as If such parts
We're separate bills.
Section 81. The acceptance may be
written on any part and 1t must be
written on one part only. If the
drawee accepts more than one part, and
such accepted parts are negotiated to
different holders in due course, he is
liable on every such part as II 1t were
a separate bill.
bill drawn in a set pays 1t without re-
curing the part bearing his acceptance
to be delivered up to him, and that
part at maturity is outstanding in the
hands of holder in due course, he is
liable to the holder thereon.
Section 1873. Except as herein other
wise provided where any one part Of q
bill drawn in a set is discharged by
payment or otherwise the whole bill is
discharged.
Section 1874 A negotiable promissory
note within the meaning of this act Is
an unconditional promise in writing
made by one person to another signed
by the maker engaging to pay on de-
mand. or at a fixed or determinable flu
trre time, a sum certain in money to
order or to bearer. Where note Is
drawn to the makers own order 1t is
not complete until endorsed by him.
Section 1856. A check is a bill of
exchange drawn on a bank payable on
demand. Except as herein otherwise
provided. the provisions of this act ap-
plicahle to a hill of exchange payable
on demand apply to check.
Section 1856 A check must he pre-
scented for payment within reasonable
time after It's issue or the drawer Will
he discharged from liability thereon tC
delay.
Section 1877 Where a check is certi-
fed by the hank on which 1t Is drawn
the certifcation is equivalent to an &C
Section 1855 Where the holder of q
check nrocrres it to be accented or GER
titled the drawer and all indorsers are
DISCHARGED from liability thereon.
Section 1S9. A check of itself does
not operate as an assignment Of any
part of the funds to the credit of the
drawer with the hank, ard the bank Is
not liable to the holder. unless and I'M
til it accents or certiies the check.
Section 190 This act may be cited
1-,{f 10 Tn ely re
Section 1911. In this act. unless the
context otherwise requires:
Acceptance" means an acceptance
completed by delivery or notification.
Action" includes counter claim and
set-off
"Bank' includes any person or asso-
citation of persons carrying on the bus
mess of banking, whether incorporated
or not
"Bearer'' means the person in pos
session of bill or note which is pay
able to bearer.
"Bill" means bill Of exchange. and
mote" means negotiable promissory
DELIVERY" means transfer of posses
sion, actual or constructive, from one
person to another.
Holder" means the payee or indorsee
of bill or note, who is in possession OF
it, the bearer thereof.
Endorsement" means an Endorsement
completed by delivery
"Instrument" means negotiable instru-
ment.
tissue" means the first delivery OF
the instrument, complete in form, to a
person who takes it as holder.
"Person" includes a body of persons
whether incorporated or not.
Value" means valuable considera-
ton.
written includes printed, and writ
ing" includes print.
20 hTrir ari1I