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

I'd by payment IN que course ny VI
on behalf Of the principal debtor:
CD By payment in due course by
the party accommodated where the in
strument is made or accepted for &C.
rs By the intentional cancellation
thereof by the holder; -,
90 BY any other act y, WHICH ehu VIII VII
is When the principal debtor be-
comes the holder of the instrument at
Section 1870. person secondarily
liable on the instrument is discharged:
% By any act which discharges the
as By the intentional cancellation
of his signature by the holder;
go By the discharge of prior
Is BY valid tender of payment
made by prior party:
90 By, release Of the principal
course against the party secondarily
liable is expressly reserved:
go By any agreement binding. upon
ment. or to postpone the holders right
to enforce the instrument. unless made
with the assent of the party second
arily liable. or unless the right of re-
reserved
Section 121. Where the. instrument
thereon rSn Il is not not discharged; but the
party so paying it is RENTED to his
former rights as regards all prior
p ad and he 9nt hs
again negotiate the instrument, except:
% Where IT is payable to the or
der Of J., third ri person na and has been
(2) Where it was made or accepted
for accommodation. and has been paid
by the party accomnodated
pressly renounce his rights against
any party to the instrument, before. at
or after its maturity. An absolute and
unconditional PRONUNCIATION of his rights
against the principal debtor made at or
after the maturity of the instrument
discharges the instrument. But a re-
a holder in due course without notice.
a remuneration must be In writing.
unless the instrument is delivered up
to the. person primarily liable thereon.
unintentionally. or under mistake or
without the authority of the holder is
or any signature thereon appears to
have been cancelled the burden of proof
lies on the party who alleges that the
cancellation was made unintentfonally.
or under mistake or without author
ity.
Section 1874. Where a negotiable in
strument is materially altered without
the assent of all parties liable thereon.
it is avoided. except as against party
who has himself made. authorized or
assented to the alteration, and suisse
But when an instrument has been
materially altered and is in the hands
of holder in due course, not party
to the alteration. he may enforce pay
tenor.
Section 1875. Any alteration which
d The date:
CD The sum payable. either for
prinacipal or interest H;.oo 81 n.,n,on..
ar nj
the parties;
(55 The medium or currency in
which payment, is to be made;
Or which adds "A place of payment
where no place of payment is speci-
fed or any other change or addition
which alters the effect of the iostru-
Section 1876. A bill of exchange is an
unconditional order in writing adj
dressed by one person to another. sign
ed by the person giving it; REQUIRING
the person to whom it is addressed to
pay on demand or at a fixed or dcterm
Unable future time sum certain in
money to order or to bearer
Section 1877. A bill of itself does not
operate as an assignment of the FUNDS ~, 'is
in the hands Of the drawee avaiia .h
and until he accepts the same,
Section 12S. a bill may be addressed
to two or more drawees jointly. wheth-
: err they are partners or not; but not &c
tw'. or more drawees in the alternative
, " Section 1919. An inland bill of ex
f change is bill which is. or on it's face
purportss, to be, both drawn and nayahl 9
, pears on the face of the bill. the hold
,, er NAV treat it as an inland bill.
! Section 1870, Where in a bill drawer
and drawee are the same person, o,
, where the drawee is a fictitious person
or person not having capacity
to contract, the holder. may treat
the instrument at his option. either as
a bill of exchange or promissory note
Section 1871. The drawer Of a bill
and any indorser may insert THEREOF
holder may resort IN case OF need, ina
I is to say in case the bill is dishonoret
by non-acceptance ,,o or th non farna !,
case of need 1t is in the option Of th'
; holder to resort to the referee in cast
= of need or not as he may see fit.
r Section 1872. The acceptance of q bill
t is the Specification by the drawee o
his assent to the order of the drawer
: The acceptance must be in writing ant
s nrss ny the drawso viii "s h
, promise by any other means than th'
: payment of money.
> senting the same for acceptance ma,
require that the acceptance he writer
: on the bill and. if such request is re
fused, may treat tho bill as dishon
e Section 1874. Where an acceptance is
= written on a paper other than the bill
itself it does not bind the acceptor ex
r cept in favor Of person to whom it !:
g shown and who, on the faith thereof
receives the bill for value.
Section 1875. An unconditional prom
e Use in writing to accept q bill before i
= is drawn is deemed an actual accept
q ance in favor of every person who UP
on the, faith thereof, receives the bill
V for value.
: Section 1886 The drawee is allowed
a tWenty-four hours after presentment
. in which to decide whether or not hi
will accept the bill: but the acceptance
if given, dates of the day of pres
$ Section 1877. Where drawee t,
I whom bill is delivered for acceptance
u destroys the same. or refuses within
twenty four hours after such delivery
: or within such other period as thu
holder may allow, to return the bill ac
: cepted or non-accepted to the holder
y he will be deemed to have accepted the
Section 1913. A bill may be accepted
s before it has been signed by the draw
e err or while otherwise incomplete. ol
: when it is overdue. or after it has beer
s dishonored by previous refusal to &C
cept or by nOn-payment. But when
o bill -payable after sight is dishonoret
: by 'non-acceptance and the drawee sub
4 sequently accepts it. the holder in the
: absence of any different agreement, Is
p entitled to have the bill accepted as OF
!, the date of the first presentment.
\ Section 139. An acceptance is eithel