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

Also Dc eitner RESTRICTIVE or Qusiineo'
Section So A special Endorsement
specifies the person to whom. or to
whose order, the instrument Ii to DO
payable: and the Endorsement of such
indorsss Is necessary to the further
negotiation OF the instrument An
Endorsement in blank specifies no in
dorsee. and an instrument SO in
be negotiated by delivery.
Section 80 The holder may con-
vert a blank Endorsement into a spe-
cial Endorsement by writing over the
signature of the indorser in blank any
contract consistent with the oharao-
ter of the Endorsement.
Section So An Endorsement In re-
strictive which either:
a. Prohibits the further negotLs-
tion of tho instrument; or
| ca Constitutes the indorsea the
agent of the indorser: or
(3) Vests the title in the indorses
In trust for or to the use OF some 9th
or person.
But the mere absence of words i'm
| plying power to negotiate does not
make an Endorsement restrictive.
Section 81 restrictive indorse-
ment confers upon the indorses tho
GJ To receive payment of the in
(2J To bring any action thsreon
that the indorser could bring;
go To transfer his rights as such
indorses. where the form Of the in
dorsement authorizes him TO do 30
| But all subsequent indorsees acquire
| only tho title Of tho flrst indorsee I'm
| der the restrictive Endorsement
! Section 38. A qualified indorsem emit
sgnor of the title to tho instrument.
| 1t may be made by adding to tho in
dorser's signature the words with
out recourse" or any words of sim liar
impair the negotiable character Of the
| Instrument.
Section 80. Where an Endorsement
the instrument may disregard the con-
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 instru-
ment so Endorsed Is negotiated. will
hold the same. or the proceeds thereof.
subject to the rights OF the person in
dorsing oonditionally.
Section 40. Whore an instrument.
| payable to bearer. Is Endorsed special
| ly. It may nevertheless be furt her
negotiated by delivery; but tho person
dorser to only such holders as mako
Section Al. Where an instrument ia
pages or indorsees who are not part
ners all must indorse. unless the ono
ihdorsing has authority to indorse
| for the others
Section AZ Where an instrument is
ScashIer'' or other hscal officer OF a
bank or corporation. IT is deemed
or corporation Of which he is such
Officer, and may be negotiated by
either the Endorsement of the bank
or corporation. or the Endorsement OF
section 40. Where the name Of a
payee or indorser is wrongly desig-
mated or misspelled; he may ind3 prs
adding. II he think fit his proper sig
Section A.. Where any person is
under obligation to indorse In rep
resentstive capacity. he may indorss
In such terms as TO negative personal
| liability.
turity of the instrument. eyery nego-
tiation Is deemed prima facie to have
been effected before the instrument
Section As Except whore the con-
trary appears every Endorsement is
presumed prime facie to have been
made at The place whore tho instrn-
Section At. An instrument nesoti-
able in It's origin continues to be
~, iahl.. until 1t has been restric-
Section 4s The holder may at any
time strike out any Endorsement which
is not necessary to his title. Tho in
| out. and all indorsers subsequent to
him. are thereby relieved from liabil-
ity on tho lnstrrment-
an instrument payable to his order
| transfers 1t for value without indoors
ing 1t. the transfer rests IN tho trans
S.ss su0 and ne he as ns hsd
In addition. the right to have tho in
| dorsement OF the transferor But for
tho purpose OF determining whether
~ 10 In dttA
course. tho negotiation takes effect as
OF the time when tho Endorsement is
actually made.
Section so Whore an instrument
is negotiated back to Il prior party.
such party may. subject to the pro-
visions OF Fhts act reissue and fur
Their negotiate the same. But he Is
not entitled to enforce payment there
of against any intervening party to
whom he was personally liable.
Section 81. The holder OF nego-
his own name and payment to him in
due course discharges tho instrument.
Section 81. A holder in due course
Is holder who has taken the in:tru.
GD That 1t is complete and regular
q That he became tho holder of
It before It was overdue. and without
notice that It had been previously dis
honored, II such was tho fact:
W That he took 1t In good faith
ana Tor value.
(D That at the time IT was nexo-
| tiated to him he had no notice of any
infrmity In tho instrument or defect
| In tho title OF the person negotiating
Section IS Where an instrument
payable on demand is negotiated an
Unreasonable length OF time after its
issue. tho holder IL not deemed a
'' SECTION g. Wher. tho transfers.
receives notice of any inf,rmity In tho
instrument or defect in the title of
The person nesot,isstin ,S. the be-, same be-
agreed to be paid therefor. he will be
deemed a holder In due course only to
tho extent OF the amount theretofors
Section IS. The title OF person
| fective within the meaning OF this act
whom ne obtained tho Instrument. or
any signature thereto. by fraud. du-
ress, or force and fear. or other I'M
| lawful means, or for an illegal con-
| sideration. or when he nesotiates II
cumstances as amount to a fraud.
Section bS. To constitute notice of
an inhrmty In the instrument or do
| feet in tho title of the person nego-
It Is negotiated must have had actual
| knowledge OF tho infrmity or defect.
or owledge Of such facts that his
action IN taking AZ s.,,t the instrument
section 81. A holder. in due course
holds the instrument free from any
dofeot of title of prior. parties. and
| FREQ from defenses available to prior
parties among themselves. and may
enforce payment OF the instrument for
| the full amount thereof against all
parties liable thereon. ,,.
holder other than a holder in due
course. q negotiable instrument is sub
jet to the same defenses as II It were
| l-A n,.A l. II n