The Negotiable Instruments Law: From the Draft Prepared for the Commissioners on Uniformity of Laws, and Enacted in Alabama, Arizona, Colorado, Connecticut, District of Columbia, Florida, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. The Full Text of the Law as Enacted, with Copious Annotations
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acceptance acceptor accommodation action agent alteration amount apply authority bearer become bill bill of exchange blank Brown Chap charge City Conn consideration constitutes contract court deemed defense delivered delivery demand diligence discharged drawer drawn due course effect evidence expressed fact Farmers funds give notice given Gratt hands held Hill holder indorser instru intended Iowa Johns liable maker Mass maturity means ment N. J. Law N. W. Rep National Bank necessary negotiable instrument notice of dishonor Ohio Oregon paid particular party payable payable on demand payee payment person Pick place of business possession presentment presentment for payment principal prior promissory note protest provision question reasonable receive residence rule sent signature signed Smith statute subsequent sufficient taking Tenn thereof tion transfer unless waiver York
Page 83 - A person placing his signature upon an instrument otherwise than as maker, drawer or acceptor, is deemed to be an indorser, unless he clearly indicates by appropriate words his intention to be bound in some other capacity.
Page 27 - As between immediate parties, and as regards a remote party other than a holder in due course, the delivery, in order to be effectual, must be made either by or under the authority of the party making, drawing, accepting, or indorsing, as the case may be : and in such case the delivery may be shown to have been conditional, or for a special purpose only, and not for the purpose of transferring the property in the instrument.
Page 23 - In order, however, that any such instrument when completed may be enforced against any person who became a party thereto prior to its completion, it must be filled up strictly in accordance with the authority given and within a reasonable time. But if any such instrument, after completion, is negotiated to a holder in due course, it is valid and effectual for all purposes in his hands, and he may enforce it as if it had been filled up strictly in accordance with the authority given and within a reasonable...
Page 81 - But the drawer may insert in the instrument an express stipulation negativing or limiting his own liability to the holder.
Page 145 - Where a negotiable instrument is materially altered without the assent of all parties liable thereon, it is avoided, except as against a party who has himself made, authorized or assented to the alteration, and subsequent indorsers. But when an instrument has been materially altered and is in the hands of a holder in due course, not a party to the alteration, he may enforce payment thereof according to its original tenor.
Page 48 - An instrument is negotiated when it is transferred from one person to another in such manner as to constitute the transferee the holder thereof. If payable to bearer it is negotiated by delivery; if payable to order it is negotiated by the indorsement of the holder completed by delivery.
Page 29 - ... 6. Where a signature is so placed upon the instrument that it is not clear in what capacity the person making the same intended to sign, he is to be deemed an indorser; 7. Where an instrument containing the words, "I promise to pay," is signed by two or more persons, they are deemed to be jointly and severally liable thereon.
Page 135 - Where a dishonored bill has been accepted for honor supra protest or contains a reference in case of need, it must be protested for non-payment before it is presented for payment to the acceptor for honor or referee in case of need.