The Republican journal., 1917-04-05

on behalf q she prineip pas d SSas or
. l2 BY payment In due course BY
strument is made or accepted for ac-
Is BY the Intentional cancellation
.ne W y 3 t any he othsr act which will
discharge a simple contract for the
w s Sodss e. 9ss ns asstss Ds
or after maturity in his own right.
Section 1870. A person secondarily
liable on the instrument is discharged:
,ns 81 BY any act which discharges the
s Is By tho intentional cancellation
of his signature BY the holder;
90 By the discharge Of a prior
Is By a valid tender of payment
made by a prior party;
~ By a release of the principal
course against the party secondarily
liable is expressly reserved:
(6) 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-
course agains. such party Is expressly
Section 121. Where the instrument
Is paid by a party secondarily liable
party So ! paying GO it is remitted to his
former rights as regards all prior
parties. and he may strike out his own
and all subsequent Endorsements. and
again negotiate the instrument, except;
(D Where 1t is payable to the. or
der of a third person. and has been
paid by the drawer: and
(2) Where 1t was made or accepted
for accommodation, and has been paid
by the party accommodated.
Section 1872. The holder may .ex-
pressly renounce his rights against
any party to the instrument, before, at
or after its maturity. An absolute and
unconditional remuneration of his rights
against the principal debtor made at or
after the maturity of the instrument
discharges the instrument But a re
nunciation does not affect the rights of
a holder in due course without notice.
unless the instrument is delivered up
to the person primarily liable thereon
Section 1913. A cancellation made
unintentionally. or under a mistake or
without the authority of the holder. Is
imperative: but whore an instrument
or any signature thereon appears to
have been cancelled the burden of proof
lies on the party who alleges that the
cancellation was made Internationally
or under a mistake or without author
ity.
Section 1874. Where a negotiable in
strument is materially altered without
the assent of all parties liable thereon
1t is avoided, except as against a party
who has himself made. authorized or
assented to the alteration, and subse-
quent indorsers.
But when an instrument has been
materially altered and is in the hands
of holder in due course, not a party
to the alteration he may enforce pay
ment thereof according to its original
tenor.
Section 1875. Any alteration which
az Tha date.
t2) The sum PAYABLE either for
PRINCIPAL or interest; ..
6 The time or place of payment;
tD The number or the relations of
(55 The medium or currency in
which payment is to be made;
where no place of payment is speci-
fed. or any other change or addition
which alters the effect of the instru-
ment in any respect is material al
Section 1876. A bill of exchange is ar
dressed by one person to another. sign
ed by the person giving it. requiring
pay, on demand or at fixed or determ-
Unable future time sum certain in
money to order or to bearer:
Section 127. A bill of itself does not
operate as an assignment of the funds
in the hands of the drawee available
for the payment thereof and the
drawee is not liable on the bill unless
and until he accepts the same.
Section 1873 A bill may be addressed
to two or more drawees Jointly. wheth-
er they are partners or not; but not to
tw'. OF more drawees in the alternative
Section 129 An inland bill of .ex-
change is a bill which is. or on its face
pHrports St, to BE- both drawn ob and b rayabs
foreign bill. Unless the contrary ep-
pears on the face of the bill. the hold
er may treat it as an inland bill.
Section 100. Where in bill drawer
where the drawee is fictitious person
or a person not having capacity
to contract the holder. may, treat
a bill of exchange or a promissory note
Section 131. The drawer OF a bill
and any indorser may insert thereon
holder may resort in case of need, that
is to say in case the bill is dishonored
by non-acceptance or non-payment
Such person IS called .l IT. the referee IL, in
holder to resort to the referee in case
of need or not as he may see fit
Section 1872: The acceptance of bill
is the Specification by the drawee of
his assent to the order Of the drawer
The acceptance must be in writing anG
signed by the drawec. It must not ex-
press that the drawee will perform his
promise by any other means than the
payment of money.
Section 1873 The holder of bill pre-.
senting the same for acceptance may
require that the acceptance be written
on the bill and. If such request Is re-
fused. may treat the bill as dishon-
ored.
Section 1874. Where an acceptance Is
written on a paper other than the bill
itself. it does not bind the acceptor ex-
cept in favor of person to whom it is
shown and who, on the faith thereof;
receives the bill for value.
Section 1876. An unconditional prom
Use in writing to accept bill before 1t
Is drawn is deemed an actual accept
ance In favor of every person who up
on the faith thereof. receives the bill
for value.
Section 1856. The drawee is allowed
twenty-four hours after presentment
in which to decide whether or not he
will accept the bill; but the acceptance
if given. dates as of the day of pres
entation.
Section 1877 Where drawee tc
whom bill is delivered for acceptance
destroys the same, or refuses within
twenty-four hours after such delivery
holder may allow. to return the bill ac-
copied or non-accepted to the holder
he wAl be deemed to have accepted the
same.
Section 1888 A bill may be accepted
before 1t has been signed by the draw
en- or while otherwise incomplete, OF
when it is overdue. or after it has been
cept Or by non-payment. But when q
bill payable after sight is dishonored
by non-acceptance and the drawee sub
sequently accepts it, the holder in the
absence Of any different agreement is
entitled to have the bill accepted as of