The independent-reporter. [volume] (Skowhegan, Me.) 1909-1955, 1917-04-12

acceptor for honor or referee in case
OF need.
Section 10. When the bill is dis
honored by the acceptor for honor II
must be protested for non-payment by
him.
Section III. Where a bill has been
protested for payment, any per-
SON may katervene and pay 1t supra
protest for the honor of any person
liable thereon or for the honor of the
person for whose account 1t was
drawn.
Section 172 The payment for hon
or supra protest in order to operate
as such and not as a mere voluntary
payment must be attested by nota-
rial act of honor which may be APP
pended to the protest or form an eX-
tension TO 1t.
Section 173. The notarial act of
honor must be founded on declara-
ton made by the payer for honor or
by his agent in that behalf declaring
his intention to pay the bin for honor
and for whose honor he pays.
Section ia. Where two or more
persons offer to pay a bill for the
honor of different parties the person
parties to the bill is to be given the
preference.
Section 176 Where a bill has been
paid for honor. all parties subsequent
to the party for whose honor 1t Is
paid are discharged but the payer
for honor is subrogated for, and sue
ceeds to. both the rights and duties OF
whose honor he pays and ali parties
liable to the latter
Section lie Where the holder of
bill refuses to receive payment supra
protest he loses his right of recourse
against any party who would have
been discharged by such payment.
Section 1T. The payer for honor on
paying to the holder the amount of the
bill end the notarial expenses in
cidental to its dishonor. is entitled to
receive both the bill itself and the
protest.
Section lIs Where a bill Is drawn IN
a set, each part OF the set being num-
bered and containing reference to the
otheT parts, the whole or the parts con
stitutes one bill.
Section 179. Where two or more parts
of set are negotiated 10 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 person who in due course accepts
or pays the part first presented to him.
Section $50 Where the holder of a
set indorses two or more parts to diff
ferent persons he is liable on every
has himself Endorsed. as il such parts
were separate bills.
Section Isl. The acceptance may be
NItttth t4i any phit anu II iiiHSt "
written 9n one part only. II 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 If IT
were separate bill.
Section 1872. When the acccptor of
bill drawn I'm a set pays II without re
nuiring the part bearing his acceptance
to be delivered up to him. and that part
at maturity is outstanding In the hands
l.. t. lt,h1 IL.
to the holder thereon.
Section 1888 Except as herein other
wise provided where any one part of
bill drawn in set Is discharged by
payment or otherwise the whole bill is
discharged
Section lSi A negotiable promlssory
note within the meaning of this act is
an unconditional promise in writing
made by ono person to another signed
by the maker engaging to pay on de
mand or Mt n fixed or determine Bile
future time. a sum certain in money to
order or to bearer. Where n note is
drawn to the makers own order. it Is
not complete until endorsed by him
Section 1S5. A check Is bill Of cx-
change drawn on bank payable on
demand Except az herein otherwise
provided. the provisions of this act NO
plicable to q bill Of exchange payable
or demand apply to check.
Section lS6. A check must be present.
cd for payment within reasonable
time after lis issue or the drawer VIII
be discharged from liability thereon 10
the extent of the loss caused by the de
lay.
Section lS7. Where a check is certl-
fed by the bank on which it is drawn,
the certiiication ~ equivalent to IN ac
ceptance
Section 1SS Where the holder OF n
check procurcs it to be accepted or
certified the drawer and all indorsors
are discharged from liability thereon
Section 1S9. \ 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 il accepts or ccrtihes the check.
Section 100 This act may be cited as
the Uniform Negotiable Instruments
Act.
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 amy person or assc-
citation Of persons carrying ON the bust
ness of banking, whether Incorporated
or not.
Bearer" means the person In posses
sion of a bill or note which is payable
to bearer.
bin" means bill of exchange. and
mote" means negotiable promissory
note.
DELIVERY" means transfer of posses
sion, actual or constructive, from one
person to another.
"ITolder" means the payee or indorsec
of a bill or note, who is In possession
of it, or the bearer thereof
Endorsement means an Endorsement
completed by delivery.
instrument" means negotiable in
. To- ,,,oao, ,ha erst aoli,.cr,. ri