LAWS OF NEW YORK, 1897, CHAPTER 613. AN ACT to amend the Penal Code, relative to violation of the Negotiable Instruments Law. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. The penal code is hereby amended by inserting at the end of title twelve the following new sections: § 384-m. Notes given for patent rights. A person who takes, sells or transfers a promissory note or other negotiable instrument, knowing the consideration of such note or instrument to consist in whole or in part of the right to make, use or sell any patent invention or inventions, or any invention claimed or represented to be patented, without having the words "given for a patent right" written or printed legibly and prominently on the face of such note or instrument above the signature thereto, is guilty of a misdemeanor. $384-n. Notes given for a speculative consideration. A person who takes, sells or transfers a promissory note or other negotiable instrument, knowing the consideration of such note or instrument to consist in whole or in part of the purchase price of any farm product at a price greater by four or more times than the fair market value of the same product at the time in the locality, or in which the consideration shall be in whole or in part membership of and rights in an association, company or combination to produce or sell any farm product at a fictitious rate, or of a contract or bond to purchase or sell any farm product at such rate, without having the words "given for a speculative consideration," or other words clearly showing the nature of the consideration prominently and legibly written or printed on the face of such note or instrument above the signature thereof is guilty of a misdemeanor. § 2. Section two of chapter sixty-five of the laws of eighteen hundred and seventy-seven, and section two of chapter two hundred and sixty-two of the laws of eighteen hundred and ninety-one, are hereby repealed. 3. This act shall take effect the first day of October, eighteen hundred and ninety-seven. INDEX. (The references are to pages.) ACCEPTANCE, meaning of term, 3. what it is, 152, 153. must be in writing, 152. must be signed, 152. holder may require it to be on face of bill, 152. must be for payment in money, 152. is new contract, 152. form of, 152. signature of drawee sufficient, 152. by separate instrument, 153. when acceptance on separate instrument binds acceptor, 153. promise to accept deemed acceptance, 154. by telegraph, 154. by what law promise to accept governed, 154. at common law oral promise was sufficient, 154. time allowed drawee in which to accept, 155. when retention of bill amounts to acceptance, 155. where bill incomplete, 156. where bill overdue, 156. after bill dishonored, 156. date of acceptance, 156. kinds of acceptance, 156. what constitutes general acceptance, 156, 157. qualified acceptance, 157. conditional, 157. local, 157. partial, 157. agent cannot take qualified acceptance, 158. duty of holder where bill dishonored by non-acceptance, 162. when bill dishonored by non-acceptance, 162. what bills must be protested for non-acceptance, 163, 164. (The references are to pages.) ACCEPTANCE FOR HONOR, when bill may be accepted for honor, 168. how made, 169. for part of sum, 169. for different parties, 169. when acceptance does not state for whose honor made, 169. agreement of acceptor for honor, 169. liability of acceptor for honor, 169. maturity of bill payable after sight accepted for honor, how presentment for payment made to acceptor for honor, dishonor of bill accepted for honor, 170. when delay in making presentment excused, 170. admits drawer's capacity to draw, 81. admits authority to draw, 81. admits capacity of corporation to draw bill, 81. admits capacity of infant, 82. may not show that drawer is a lunatic, 83. not presumed to know signature of indorser, 82. not presumed to know handwriting in body of bill, 82. demand for payment not necessary in order to charge, 94. security, 167. ACCEPTOR FOR HONOR, liability of acceptor for honor, 169. ACCOMMODATION PAPER, notes mutually exchanged are not, 45. payment of by party accommodated discharges paper, 136. married women as, 45. right to retract, 45. right to impose conditions, 47. discharge of by diversion of instrument, 47. corporations cannot become, 46. rights of on payment of instrument, 142. (The references are to pages.) ACTION, meaning of, 3. restrictive indorsement confers right to bring, 53. AGENT, signature by, 32-34. authority of, 32. how authority shown, 32. liability of person signing as agent, 32, 93. delay of in making presentment, 100. may give notice of dishonor, 116, 117. notice of dishonor may be given to, 121. cannot take qualified acceptance, 158. duty of to present bill for acceptance, 159. holder may require production of his authority to accept, ALTERATION, effect of, 145-147. holder in due course may enforce instrument according to original tenor, 145. what constitutes a material alteration, 147, 148. pleading and evidence, 147. as to date, 147. as to sum payable, 147. as to time of payment, 147. as to relation of parties, 147. as to medium of payment, 147. addition of place of payment, 147. other changes, 147, 148. pleading in case of, 147. AMBIGUOUS INSTRUMENT, construction of, 28-31. ANTEDATED, instrument not invalid because, 22. ASSIGNMENT, bill is not, 149. when bill may amount to, 149, 150. check is not, 180. when check may amount to, 180. 'ASSUMED NAME, persons signing in, 32. ATTORNEY'S FEE, provision for, 9, 10. |