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

him.
Section III. Where bill has been
protested for non-payment. any person
may intervene and pay it supra protest
for the honor of any person. liable
thereon or for the honor of the per-
son Tor WHOSE ACCOUNT It was drawn.
supra protest in order to operate as
such and not as mere voluntary pay
m me must he attested by notarial
to ii.
Section 173. The notarial act of hon
made by the payer for honor or by his
agent in that behalf declaring his in
tention to pay the bill for honor and
Tor whose honor he pays.
Section ia. Where two or more per-
sons offer to pay bill for the honor of
dliterent parties the person whose pay
mi VIII ID discharge most psarsies to the
Section ITS. Where a bill has been
paid for honor, all parties subsequent
to the ,,;s party for whose honor it is paid
or is subrogated for. and succeeds to.
both the rights and duties of the hold
err as regards the party for. whose
honor he pays and all parties liable to
the latter.
Section IT'S. Where the holder Of
bill refuses to receive payment supra
against any party who would have been
discharged Nv such payment.
Section III. The PRAYER for honor
on paving to the holder the amount of
the bill and the notarial expenses incl
dental to its dishonor, is entitled to re-
ceive both the bill itself and the pro-
test.
Section IFS. Where bill is drawn
in set each part of the set being
numbered and containing reference to
the other parts, the whole of the parts
constitutes one bill
Section 100 Where two or more parts
nf q nf tod n II NJ
holders in due course, the holder whose
title first accrues is as between such
holders the true owner of the bill. But
nothing in this section affects the rights
of a person who in due course accepts
or pays the part first presented to him.
Section $50, Where the holder OF a
set indorses two or more parts to diff
ferent persons he is liable on every
such part, and every indorser subse-
quent to him is liable on the part he
has himself Endorsed, as if such parts
were separate bills.
Section 1871 The acceptance may be
written on any part and it must be
written on one part only. IF the
drawee accepts more than one part, and
such accepted parts are negotiated to
different holders in due course. he is
liable on every such part as If it were
& separate hill.
Section 1872. When the acceptor of a
bill drawn in set pays 1t without re
curing the part bearing his acceptance
part at maturity is outstanding in the
hands of holder in due course, he is
liable TO the holder thereon.
Section 81. Except as herein other
wise provided where any one part of a
bill dra avn in set is discharged by
payment or otherwise the whole bill is
discharged.
Section 1874 A negotiable promissory
note within the meaning of this act is
an unconditional promise in writing
made by one person to another signed
by the maker engaging 10 pay on de-
mand, or at a fixed or determnable fu-
ture time. sum certain in money to
order or to bearer. Where a note is
drawn to the makers own order. it is
not complete until endorsed by him.
Section 1S5. A check is a bill. of
exchange drawn on a bank payable on
demand Except herein otherwise
provided. the provisions Of this act an
rlicshle t" a bill Of exchange payable
on demand amply to check.
Section lSG. A check must he FRO
scented for payment within reasonable
time after its issue or the drawer will
he discharged from liability thereon to
the extent of the loss caused by the
delay.
Section 1877. Where check is certi-
fed BY the bank on which IT is drawn,
the certification is equivalent to an ac-
Centance.
Section 1888 Where tho holder of a
chacli nrocures it to be accepted or GER
titled the drawer and all indorsers are
dlSch3rged from llanlIllN thereon.
Section 1870. A check Of itself does
not ornrate rs an assignment of any
rart of the funds to the credit Of the
drava- with the hank. and the bank is
not liable to tho holder, unless and un-
til it accents or certifies the check.
Section 100 This act may be cited
the Uniform Negotiable Instruments
Act.
Section 1911. IN this act, unless the
context otherwise requires:
tAccentanpa' 9cceDtanCe
completed by delivery or notification.
action" includes counter-claim and
set-off
Bank" includes any person or asso-
citation of persons carrying on the bus
mess Of banking, whether incorporated
or not.
Bearer" means the person in pos
session of a bill or note which is pay
able tn bearer.
Bill" means bill of exchange and
mote" means negotiable promissory
note.
Delivery" means transfer Of posses
sion. actual or constructive, from one
person to another.
Holder" means the payee or indorseeo
Of bill or note. who is in possession OF
it. or the bearer thereof.
endorsement" means an Endorsement
completed by delivery
"Instrument" means negotiable instru-
ment.
Issue" means the first delivery of
the instrument complete in form, to a
person who takes it holder,
Person includes a body of persons,
whether incorporated or not
Value" means valuable considera-
ton.
"Written" includes printed, and writ
ing" includes print.
Section 1872. The person primarily
liable on an instrument is the person
who bv the terms of the instrument is
absolutely required to pay the same. All
other nHrtiee are "secondarily" liable.
Section 1873 In determining what is
q ''reasonable time" or an "unrea sonahle
time" regard is to he had to the nature
of the instrument. the usage of trade
or business or anv) with respect to
such instruments, and the facts of the
particular case.
Section 1914 Where the day, or the
last day. for doing any act herein re-
uuired or permitted to he done faI1s
on Sunday or on holiday. the act may
he done on the next succeeding secular
or business day.
Section 1875. The provisions Of this
act do not apnlv to negotiable instru-
rnents made end delivered prior to the
ttakin" effnctl hereof.
Section 196. In any case not provid-
ed for in THE act the rules ~ flaw and
equity includingl the law merchant shall
govern.
Section 197 All acts and nsrts If acts
inconSsteot with this act are hereby
repealed.-fApnroved April {, 1919
CHAPTER 25a.
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