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

and such fact was known to the person
making i 50 payable Pay Or of the
does not purport to be the name of any
IS When the only or last indorse-
ment is an Endorsement in blank.
Section 10. The instrument need not
follow the language of this act. but any
terms are sufficient which clearly, indi-
cate an intention to conform to the re-
Section ii. Where the instrument or
thereon is dated. such date is deemed
making, drawing acceptance, or in
dorsement as the case may be.
Section II. The instrument is not
invalid for the reason only that it Is
ante-dated or poSt-dated. provided this
is not done for an illegal or fraudulent
purpose. The person to whom an in
strument so dated is delivered acquires
the title thereto as of the date of de-
livery.
Section IS. Where an instrument ex-
pressed to be payable at a fixed period
after date is issued undated. or where
able at a fixed period after sight is I'M
dated. any holder may insert therein
the true date of issue or acceptance,
cordingly. The insertion of a wrong
date does not avoid the instrument in
the hands of subsequent holder in due
course; but as to him, the date 50 in
date.
Section IA. Where the instrument is
wanting in any material particular, the
person in possession thereof has a
prima facie authority to complete it by
filling up the blanks therein. And a
signature on blank paper delivered by
the person making the signature in or
der that the paper may be converted
into a negotiable instrument operates
as prima facie authority to fill it up
as such for any amount. In order.
Ihse co ha any may such be
against any person who became party
thereto prior to its completion. it must
be filled up strictly in accordance with
sonable time. But if any such instru-
ment after completion, is negotiated to
a holder in due course. it is valid and
effcctuai for all purposes in his hands.
and he may enforce it as if it had been
filled up strictly in accordance with the
authority given and within reason
able time.
Section IS. Where an incomplete in
strument has not been delivered it will
not, if completed and negotiated. with
out authority, be a valid contract in
the hands, of any. holder. as against any
thereon before delivery.
Section 16. Every contract on a
negotiable instrument is incomplete and
ment for the purpose of giving effect
thereto. AS between immediate par
ties, and as regards a remote party 9TH
err than holder in due course, the de-
livery in order to be effectual, must be
made either by or under the authority
of the party making. drawing, accepting
or indorSing, as the case may be: and
in such case the delivery may be shown
to have been conditional or for Spe-
cial purpose only. and not for the pur-
pose of transferring the property in the
instrument: But where the instrument
is in the hands of a holder in due
course, a valid delivery thereof by all
parties prior to him so as to make them
liable to him is conclusively presumed.
And where the instrument is no longer
in the possession of a party whose
signature appears thereon, valid and
intentional delivery by him is presumed
until the contrary is proved.
Section II. Where the language of
the instrument is ambiguous or there
are omissions therein. the following
rules of construction apply:
% Where the sum payable is ex-
pressed in words and also in figures
and there is a discrepancy between the
two, the sum denoted by the words is
the sum payable; but if the words are
ambiguous or uncertain. reference may
be had to the figures to fix the amount:
90 Where the instrument provides
for the payment of interest. without
specifying the date from which interest
is to run the interest runs from the
date of the instrument, and if the in
strument is undated, from the issue
thereof:
80
dated. it will be considered to be dated
as of tho time it was issued:
C) Where there is a conflict be
tween the written and printed provisions
of the instrument the written pro-
Visions prevail
(5) Where the instrument is so am
biguous that there is doubt whether it
it as either at his election;
t6) Where a signature is so placed
upon the instrument that it is not clear
in what capacity the person making the
same intended to sign, he is to be
deemed an indorser;
G) Where an instrument containing
the words Il promise to pay is signed
by two or more persons, they arc
deemed to be jointly and sevcrally liable
thereon.
Section 49, No person is liable on
the instrument whose signature does
otherwise expressly provided. But one
who signs in trade or assumed name
will be liable to the same extent as if
he had signed in his own name.
party may be made by a duly author
lied agent. No particular form of APP
pointment is necessary for this pur-
pose; and the authority of the agent
may be established as in other cases of
agency.
Section 90. Where the instrument
contains or a person adds to his sigma
ture words indicating that he signs for
or on behalf of a principal, or in a
representative capacity. he is not liable
on the instrument ii he was duly au-
thorized: but the mere addition of
words describing him as an agent or as
filling a representative character. with
out disclosing his principal, does not
exempt him from personal liability.
Section 81. a signature by pro
curation'' operates as notice that the
agent has but a limited authority t.
sign and the principal is bound only in
case the agent in so signing acted
within the acual limits of his author
ity.
Section %. The Endorsement or as
signment of the instrument by a cor
poration or by an infant passes the
property therein, Notwithstanding that
from want of capacity the corporation
or infant may incur no liability thereon
Section %. When Signature is
forged or made without the authority
ports to be. it is wholly imperative and
no right to retain the instrument, or To
give a discharge therefor or to enforce
payment thereof against any party
thereto, can be acquired through or I'M
der such signature. unless the party
against, whom it is sought to enforce
such right, is precludcd from setting uT
the forgery or want Of authority
Section "a. Every ncgotla bic inStru-
mcnt is deemed prima facie to have
been issued for valuable considera
tl"n; 8hd every person whose signature
appears thereon to have become a party
thereto for value.
Section %. Value is any coneidcra-
ton sufficient to support a simple con
tract. An antccedent or pre-existing
debt constitutes value: and is deemed
such whether the instrument is payable
on demand or at a future time.
Section 26. Where value has at any