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

|
i. (4) BY any other act which ~,
discharge a simple contract for ~.
payment of money; 'as
Co When the principal debtor b..
comes the holder of the instruinen, 70.
or after maturity In his own risbt
Section 100. A person seco5ds,,-
liable on the instrument is dischareay
ri o. BY yn, any act which discharge.
CD BY the intentional canc.u,
ton of his signature by the hoidsri
go BY the discharge Of a prio,
% By valid tender of paymen,
cd BY release of the princln.,
de btor. unless the holders right NJ pa -
course against the party secondar,is
liable is expressly reserved;
upon the holder to st estend tho einfdI din.
of payment, or to postpone the hoiss
er's right to enforce the instrumena,'
unless made with the assent Of ~.
party secondarily liable. or unless tbs
Is expressly reserved.
Section 121. Where the instrunsn,
Is paid by party secondarily lisbis.
thereon. 1t Is not discharged. but IN.
former rights as regards all PRO,
parties, and he may strike out HI.
own and all subsequent Endorsement
and again negotiate the instrument
! except:
G1 Where 1T is payable to the or.
der of third person, and has bee,
paid by the drawer; and
CD Where 1t was made or accept.
ed for accommodation. and has been
Section i25. The holder may e,
pressly renounce his rights agains,
any party to the instrument. before
at or after Its maturity. An absolute
and unconditional Pronunciation Of hi,
| daht
made at or after the maturity Of IA
instrument discharges the instrument,
| But renunciatfon does not affect tha
rights OF a holder in due course with.
In writing, unless the instrument /,
delivered up to the person primarily
liable thereon.
Section i23. cancellation mad.
or without the authority of the holder,
Is imperative: but where an instrumen,
| or any signature thereon appears 10
have been cancelled the burden Of
proof lies on the party who alleges
that. the cancellation was made unn.
tentionally, or under mistake or
Section l24 Where negotiable in.
strument Is materially altered without
the assent OF all parties liable there.
on, it is avoided. except as against
party who has himself made author.
lied or assented to the alteration and
| subsequent fndorSers.
But when an instrument has been
materially altered and Is In the hends
: of a holder in due course. not party
10 the alteration ne may enforce pay.
ment thereof according to its original
| tenor.
Section 1873. Any alteration which
| changes:
(2} The sum payable. either for
principal or interest:
| go The time or place of payment;
| (D The number or the relations Of
( the parties;
which payment Is TO be made;
Or which adds place Of payment
where no place Of payment is speei-
fed. or any other change or addition
which alters the effect of the instru.
ment in any respect. Is material al
| teration
Section 126. A bin OF exchange Ia
an unconditional order In writing adj
dressed by one person to another.
signed by the person giving IT, re-
| quiring the person to whom It IS ai-
dressed to pay on demand or a.
Fixed or determinable future ting
sum certain In money to order or 10
| bearer.
Section 1877. A bill of itself doe,
not operate as an assignment ~ ths
funds in the hands of the draRes
avatla BILE for the payment thereof,
bill unless and until he accepts IA
| same.
Section 1928 bill may be ad.
| dressed to two or more drawecs joint
| ly, whether they are partners or not;
but not to two or more drawees " IA
| alternative or in succession.
Section 129. An inland bill OF *.
| change Is a bill which Is, or or -
face purports to be, both drawn al
payable within this state. Any ofhs
bin Is a foreign bill Unless the CON
trary appears on the face of the hiq
the holder may treat 1t as an INLAND
bill
Section 100. Where In bill draw.
er and drawee are the same persoa II
| where the drawee IS Fictitious per
son or n person not having Capacity
| to contract. the holder may trea' ia
| instrument at his option, eithci rs
bill OF exchange or a promissory -
Section 131. The drawer OF "A bill
and any indorser may insert thereon
the name OF a person to whom 10
| holder may resort In case OF ieed,
that Is to say In case the bill is dis.
honored by non-acceptance OF non.
payment. Such person Is called ia
| referee In case of need 1t Is .u the
option of the holder to resort to the
referee in case of need or not as hs
may see At.
blu is the Specification by the braves
of his assent to the order OF ths
drawer The acceptance must be IN
writing and signed by the drawee !.
| must not express that the drawee vii
perform his promise by any other
means than the payment of money
Section 13S. The holder OF BIZ
presenting the same for acccptaacs
may require that the acceptance ba
written on the bill and, II such re-
quest is refused, may treat the bii' a.
dshonored
Section 1874 Where an acceptance
Is written on a paper other than tns
bill itself. 1t does not bind the ae-
ceptor except In favor of a person 70
whom 1t is shown and who, on ihs
faith thereof receives the bii fo'
| value.
Section las. An uncond tlodal
promise In writing to accept a bill be,
fore 1t is drawn Is deemed an aciu@
acceptance In favor of every person
who upon the faith thereof, receives
the bill for value.
Section 1875. The drawee is allowed
twentyfour hours after presen tmens
| In which to decide whether or not ~
| Will accept the bill; but the accept,
| ance II given, dates as of the day Of
| presentation.
Section 1877. Where draw"
whom a bill Ia delivered for accept.
I ance destroys the same, or refuses
within twenty four hours after sue
delivery. or within such other psrlea
rs the HOluci aiiON " N'''''
bill accepted or non-accepted TO u'
holder, he will be deemed to have &C
cepted the same.
Section 1873. A bill may be accep,ta
before 1t has been signed 6y u'
drawer, or while otherwise lncom'
plete, or when II Ia overdue. or AFTER
1t has been dishonored by previous
refusal to accept or by non-payinebs
But when a bill payable after slght
dishonored by non-acceptance and Vh'
| a kaA tN
holder in tho absence of any dinereAi1
agreement. Is entitled to have the Oh.
accepted as OF the date Of tho ms
| presentment.
| Section 19s. An acceptance
either general or qualified. A genera
acceptance assents without quaiihs"
ton to the order of the drawer
qualified acceptance In express terms