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

/ MS capacity ana authority 10 ufhW Inc
| In Instrument; and
(2) The existence of tho 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
deemed to be an indorser. unless he
clearly indicates by appropriate words
! hls intention to be bound In some oth-
or capacity.
Section g. Where n person. not 9TH
eTwise a party to an instrument. places
thereon his signature in blank before
1 delivery he Is liable as indorser In &C
| cordance with the following rules;
/ % II the instrument is payable TO
/ the order OF third person. he Is la
/ bic to the payee and to all subsequent
! parties.
c. II the instrument 10 payable TO
the order OF the maker or drawer. or
La payable to bearer, he Is liable to all
parties subsequent to the maker or
drawer.
e. n he signs for tho accommoda-
ton OF the payee. he Is liable to all par
ties subsequent to the payee.
Section IS. Every person negotiating
an instrument by delivery or by
qualified Endorsement, warrants
ID That the instrument Is genuine
and in all respects what It purports TO
be:
"a That he has a good title to 1t;
80 That all PRIOR parties had capac-
ity to contract:
% That he has no knowledge OF any
fact which would impair the validity or
the instrument or render II valueless.
But when the negotiation In by deilV-
cry only. the warranty EXTENDS In Ia
vor of no holder other than the imme-
date transferee.
The provisions of subdivision three of
this section do not apply to persons ne
gotinting public or corporation securi-
ties, other than bills and notes.
Section S. Every indorser who In
dorses without qualification. warrants
to all subsequent holders in due course:
d The matters and things mention
/ ed in subdivisions one, two ana three
OF the next preceding section; and
Ia That the instrument Is at the
time OF his Endorsement valid ana sub
sisting.
And in addition, he engages that on
due presentment. 1t shall be accepted
or paid. or both. as the case may be.
according to It's tenor, and that IL II De
dshonored. and the necessary proceed
ings on dishonor be duly taken. he Will
pay the amount thereof to the holder,
or TO any subsequent indorser who may
be compelled to pay 1t.
Section ST. Where a person places his
Endorsement on an instrument negoua-
BILE by delivery he incurs all the llabii-
tiles OF an indorser.
Section S.. As respects one another
indorscrs are liable prina facie In ihe
order in which they indorse; but evil
dence Is admissible to show that as be
tween or among themselves they have
agreed otherwise. Joint payees or joint
indorsecs who indorse are deemed to
indorse jointly and severally.
Section SO. Where broker or other
agent ncgotiates an instrument without
Endorsement he incurs all the liabilities
prescribed by section sixty-hve OF this
act, unless he discloses the name of his
al and thp fact that he Is acting
only a. agent.
Section 10 Presentment for payment
Is not necessary In order to charge the
person primarily liable on the instru-
ment: but II the instrument Is, by Its
terms. payable at a special place. and
he Is able and willing to pay 1t there
/ at maturity, such ability and willing
ness are equivalent to tender OF pay
ment upon his part. But except az
herein otherwise provided. presentment
for payment is necessary In order TO
charge the drawer and indorsers.
Section II. Where the instrument Is
not pay able on demand. preseWtment
must be made within reasonable time
after It's issue. except that In the case
of bill of exchange, presentmem Tor
payment will be sufficient II made with
In reasonable time after the last ne
gotta ton thereof
Section r. Presentnent for payment.
TO be sufficient. must be made:
W. by the HollfIf VI W 9VAhN ~ 49,
authorized to receive payment on his
behalf
% At reasonable hour on a bust
ness day;
60 Al proper place as herein de-
fined:
"a To the person primarily liable on
the instrument or II he Is absent or
mace essl BILE. to any person found at the
place where the presentment Is made.
Section 49, Presentment for payment
Ia made at the proper place:
ID Where place OF payment Is
specified In the instrument and 1t Is
there presented.
% Where no place OF payment Is
specified. but the address of the pei
son to make payment Is given In the
instrument and II Is there presented:
80 Where no place OF payment Is
specified and no address Ia given and
the instrument Is presented at the usua
place of business or residence OF the
person to make payment;
% In any other case II presented
to the person to make payment wher-
ever he can be found. or II presented
at his last known place Of business or
residence.
Section a. The instrument must be
exhibited to the person from whom
payment is demanded and when 1t Is
paid must be delivered up to the par
ty paying It,
Section 75 Where tho instrument Is
payable at a bank presentment for
payment must be made during banking
hours. unless the person to make pay
ment has no funds there to meet It at
any time during the day. In which case
presentment at any hour before the
bank Is closed on that day IL sufficient,
Section rs. Where person primarily
liable on the instrument is dead. and no
place OF payment is specified. present
ment for payment must be made to his
personal representative II such there
be. and II. with the exercise Of reason
able diligence. he can be found.
Section II. Where the persons pri-
marly liable on the instrument are LA
BILE as partners. and no place of pay
ment Is specified. presentment for pay
ment may be made to any one OF them.
even though there has been q dissolu-
ton OF the Arm.
Section rs. Where there arc several
persons. not partners, primarily liable
on the instrument. and no place OF pay
mont Is specified. presentment must be
made to them all.
Section 49, Presentment for payment
Is not required in order to charge the
drawer where he has no right to ex
pect or require that tho drawee or az
ceptor will pay the instrument
Section 80 Presentment for payment
L. not required In order to charge an
indorser where the instrument was
made or accepted for his accommoda
ton and he has no reason to expect
that the instrument will be paid II pre-
sented.
Section 81 Delay In making present
ment for payment Is excused when the
delay Ia caused by circumstances be-
yond the control of the holder. and not
imputable to his default, misconduct or
negligence. When the cause of delay
ceases to operate. presentment must
be made with reasonable diligence.
Section SO. Presentment for payment
Ia dispensed with:
% Where after The exercise of rea-
| sonable diligence preSentment os re-
Quired by this act cannot DO made:
Cd Where the drswee IN q fictitious
person: