The independent-reporter. [volume] (Skowhegan, Me.) 1909-1955, 1917-04-12
Chapter 267.

hA Aoss
An ACT to Make Uniform the Law OF
Negotiable Instruments
BE II enacted. etc.
Section l. An instrument to be
negotiable must conform to the tol-
lowing requirements: ,.,.
% 1t must be In writing ana
signed by the maker or drawer;
ID Must contain an unconditional
promise or order to pay a sum certain
as Must be payable on demand.
or at fixed or determinaole luture
rs. Must be payable to order or
to bearer and
(5) Where the instrument is ad-
dressed to a drawee, he must be
named or otherwise indicated therein
with reasonable certainty.
Section 9 Tho sum payable Is a
sum certain within tho meaning or
this act. although 1t is to be paid;
a. with interest; or
}2). BY stated installments: or
as. BY stated lnstallments, with a
provision that upon default In pay
Iuont OF any installment or or inter-
est. tho whole shall become due, or
N.) With exchange, whether at n
nxsd rate or at the current rate, or
90 With costs OF collection or an
attorneys fee, In case payment shall
not be made at maturity.
Section 8. An unqualified order or
promise to pay Is unconditional with
In the meaning OF this act, though
coupled with;
ID An Indication of n particular
fund out OF which reimbursement is
to be made. or n particular account to
be debited with the amount; or
90 A statement of tho transact
ton which gives rise to the instru-
ment. But an order or promise TO pay
olt of particular fund Is not un-
Section An instrument Is pay
able at determinable future time.
within tho meaning OF this act which
is Expressed to be payable;
% At tlxed period after date or
Us on or before a fixed or deter
minable future time specified therein;
0.) On or at a fixed period after
tho occurrence of a specified event.
which Is certain to happen. though
the time of happening be uncertain.
An instrument payable upon a con-
tlngsncy Is not negotiable, and tho
happening of the event does not cure
tho defect
Section g. An instrument which
contains an order or promise to do
any act In addition to the payment Of
negotiable character of an instru-
ment otherwise negotiable 10 not at
fectsd by provision which:
ID Authorizes the sale Of ool-
lateral SECURITIES OhSo INC inRAf
ment be not paid at maturity: or
CD Authorizes confession of
Judgment II tho instrument be not
paid at maturity: or
(3) VALVES the benefit Of any law
Intended for the advantage or pro-
lection of the obllgor: or
90 Gives the holder an election to
require something to be done In lieu
OF payment of money.
But nothing In this section shall
x,Jtdata any nrOyiaiOn ATTENUATION
otherwise illegal.
Section s. The validity and nego-
table character of an instrument are
not affected by the fact that
a. Does not specify tho value
given, or that any value has been
given therefor, or
(s) Does not specify the place
where 1t ls drawn or tho place where
II IL payable; or
90 Bears seal. or
90 Designates n particular kind
of current money in which payment
Ia to be made
But nothing in this section shall al
ter or repeal any statute requiring in
certain cases the nature of tho con-
sideration to be stated In the instru-
ment.
Section I An instrument Is pay
able on demand:
ID Where It Is expressed to be
payable on demand. or at sight. or on
presentation; or
ca In which no time for payment
Is expressed.
Where an instrument Is Issued, ac-
cepted. or Endorsed when overdue. It
Is. as regards tho person SO issuing
accepting. or indorsing 1t. payable on
demand.
Section 8. The instrument Ia pay
able to order where 1t Is drawn pay
able to the order Of a specified person
or to him or his order. 1t may be
drawn payable to the order Of;
% A payee who Is not maker.
drawer. or drawee. or
ca The drawer or maker. or
90 The drawee; or
60 Two OF more payees Jointly:
60 One or some of several payees:
or
(6) The holder of an office for the
time being.
Where the instrument is payable to
order the payee must be named or
otherwise indicated therein with rea-
sonsble certainty.
Section .. The instrument il pay
able to bearer:
d. When It is expressed to be so
payable: or
(2D When It is payable to = per-
son named therein or bearer: or
go Whep II Is payable to the or
son. and such fact was known to the
person making It 30 payable; or
co When tho name of the payee
does not purport to be the name OF
any person: or
jb0 Whcn tha only or last indorsa