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

1uS the INSTRUMENT tHSdSCS tHdl iS Will
pay it according to the tenor of his ac-
ceptance: and admits.
ID The existence Of the drawer. the
genuineness of his signature. and his
capacity and authority to draw the in
Strument: and
(2) The existence of the payee and
his then capacity to indorse.
Section So. A person placing his sig
nature upon an instrument otherwise
than as maker, drawer or acceptor, is
Clearly indicates by appropriate words
his intention to be bound in some other
capacity.
erwise a party to an instrument. places
thereon his signature in blank before
delivery he is liable as indorser. in ac-
cordance with the following rules:
the order of a third person. he is liza
bic to the payee and to all subsequent
parties.
(2) If the instrument is payable to
the order of the maker or drawer, or IL
payable to bearer. he is liable to all par
ties subsequent to the maker or draw
(S) If he signs for the accommoda..
ton of the payee. he is liable to all
parties subsequent to the payee.
Section 65. Every person negotiating
an instrument by delivery or by quail
flied Endorsement. warrants;
Cd That the instrument is genuine
and in all respects what II purportS
(2) That he has a good title to 1t:
CD That all prior parties had ca
ca That he has no knowledge Of any
fact which would impair the validity of
the instrument or render II NalueleSs.
But when the negotiation is by de-
livery only. the warranty extends in Ia
vor of no holder other than the imme-
diate transferee.
The provisions of subdivision three
of this section do not apply to persons
negotiating public or corporation Sc
curities. other than bills and notes.
Section &c. Every indorser who IN
dorses without qualification. warrants
TO all subsequent holders in due course:
CD The matters and things men,
toned in, subdivision one two and
CD That the instrument is at the
time of his Endorsement valid and sub
sisting.
And, in addition. he engages that on
due presentment, it shall be accepted
or paid. or both, as the case may be.
according to its tenor and that If 1t
ceedings on dishonor be duly taken. he
will pay the amount thereof to the hold
err, or to any subsequent indorser VINO
may be compelled to pay it.
Section 81. Where person places
his Endorsement on an instrument ne
gotiable by delivery he incurs all tho
liabilities of an indorSer.
Section 6S. AS respects one another
indorsers are liable prima facie in the
order in which they indorse: but evil
dence is admissible to show that as be-
agreed otherwise. Joint payees or
joint indorsees who indorse are deemed
to indorse jointly and seyeraily. .,.
Section 60. Where a broker or other
agent negotiates an instrument with
out Endorsement he incurs all the liza
bilities prescribed by section siXty-hye
name of his principal. and the fact
that he is acting only as agent.
Section 20. Presentment for payment
person primarily liable on the lnstru-
ment; but if the instrument is. by its
terms. payable at special place, and
maturity. such ability and Willingness
are equivalent to a tender of payment
upon his part. But except as herein
otherwise provided. prescntmcnt for
payment is necessary in order to charge
the drawer and indorsers;
Section II. Where the instrument ~
not payable on demand, presentment
must be made on the day it falls due.
Where it is payable on demand. pre-
sentiment must be made within rsa-
sonable time after its issue. except that
in the case of bill of exchange, pre-
sentiment for payment will be sufficient
if MADE within a reasonable time after
the last negotiation thereof.
Section ~. Presentment for pay
ment to be sufficient, must be made;
o. BY the holder. or by some per-
son authorized to receive payment on
his behalf; -,
(2) At a reasonable hour on bust
ness day:
go At proper place aS heteii u"
as To the person primarily liable
on the instrument or if he is absent
or inaccessible. to any person found az
the place where the preSentment IS
Section 10. Presentment for payment
is made at the proper place: l..
Cd Where a place of payment ~
specified in the instrument ana IL Is
(2) Where no place OF payment is
nf
to make payment is given IN the IN
strument and it is there presented; .
(3) Where no place of payment ~
specified and no address is given ana
the instrument is presented at the usual
place of business or residence or mo
person to make payment; =.
GD In any other case II presenter
to the person to make payment
whereve he can be found, or II present
ed at his last known place OF business
Section a. The instrument must be
exhibited to the person from whom
payment is demanded. and when ~ ~
paid must be delivered up to the party
?" Section IS. Where the instrument Is
payable at a bank. presentment FOR pay
ment must be made during banking
hours. unless the person to make pay
ment has no funds there TO meet II at
any time during the day, in which case
presentment at any h9ur neio ,,ecie ,ne
Section rs. Where person prifna
r;ly liable on the instrument is dead,
and no place of payment Is Speclilo5n.
nrrsentment for payment must be mao,
10 his personal representative II suci.
there be- and if, with the exercise at
reasonable diligence. he can be 1ouho'
SECTION II. Where the persons pri-
,narily liable on the instrument are ia
hin as partners and no place OF pay
mept is specified. presentment for pay
ment may he made to any one OF then'
even though there has been a dlssolu-
tion of the firm.
section rs. Where thore arc several
persons. not partners. primarily liable
ON the instrument. and no place OF pay
ment is specified. presentmcnt must De
made to them all.
Section 70 Presentmcnt for pay
mont is not required in order to charg"
tho drawer where he has no right to
cxpect or require that tho drawcc or
acrrptor will pay the instrument.
Section so. Prcscntinent for pay
mont is not required in order to charge
an iudorser where the instrument was
made or accepted for his accommodate
tion and he has no reason to expect
that the instrument will b" PAD II pre-
scented.
Section ST. Delay in making pro-
sentiment for payment is excused wh"n
the DELAY is caused by circumstances
bevond the control of the holder. and
not imputabIc to his default. mlscon-
duct or negligence. When the cause OF
DELAY ceases to operate. presentmont
must be made with reasonable dIll-
section So Presentment for pay