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PART IV.

DISCHARGE OF NEGOTIABLE PAPER.

CHAPTER 17.

MANNER AND EFFECT OF DISCHARGE.

Sec. 123. Meaning of term "discharge."
Sec. 124. Causes of discharge of paper.
Sec. 125. ' Discharge of party secondarily liable.
Sec. 126. Effect of payment by party secondarily liable.
Sec. 127. Material alteration as discharge.
Sec. 128. Renunciation of rights.

PART V.

ADDED CHAPTERS ON BANKS AND SURETYSHIP.

CHAPTER 18.

BANKS AND BANKING.

A. Definitions.

Sec. 129. Banks defined.

B. The Bank as a Corporation.

(a) Organization.

Sec. 130. Procedure to incorporate.
Sec. 131. The charter.
Sec. 132. By-laws.

(b) Stocks and stockholders.

Sec. 133. Statutory provisions as to amount of stock.
Sec. 134. Liability of subscriber to bank.
Sec. 135. Bank's lien on unpaid stock.
Sec. 136. Liability of stockholder in case of insolvency.
Sec. 137. Rights of stockholders.

(c) Directors and officers.

Sec. 138. The bank's directors.
Sec. 139. The bank president.
Sec. 140. The bank cashier.
Sec. 141. The bank teller.

C. Banking Business.

Sec. 142. What business bank may do.

(a) Investments.

Sec. 143. Investments in real estate.
Sec. 144. Lending money on real estate.
Sec. 145. Investments in personal property.

(b) Deposits.

Sec. 146. The depositor a creditor.
Sec. 147. Kinds of deposits.
Sec. 148. Certificates of deposit.
Sec. 149. The bank's undertaking with the general

depositor.
Sec. 150. The depositor's undertaking and duty.

(c) Loans, collections, etc.
Sec. 151. Loans and discounts.
Sec. 152. Collections.
Sec. 153. The bank's negotiable paper.
Sec. 154. Savings banks.
Sec. 155. Clearing houses.

D. Failure and Dissolution.

Sec. 156. Bank failures.

CHAPTER 19.

GUARANTY AND SURETYSHIP.
ec. 157. Guaranty and suretyship defined.
Sec. 158. Kinds of guaranty.
Sec. 159. Form of contract of guaranty.
Sec. 160. Acceptances of promises of guaranty.
Sec. 161. Consideration in guaranty.
Sec. 162. Forms of suretyship.
Sec. 163. Validity of surety's offer.
Sec. 164. Suretyship from change of legal relations.
Sec. 165. Re-imbursement and exoneration of surety.
Sec. 166. Subrogation.
Sec. 167. Contribution.
Sec. 168. Various causes discharging surety.

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NEGOTIABLE PAPER.

PART I.

GENERAL NATURE AND HISTORY.

CHAPTER 1.

GENERAL DESCRIPTION OF NEGOTIABLE PAPER.

Sec. 1. MEANING OF THE WORD "NEGOTIABLE.” By the term "negotiable" as applied to obligations to pay money is denoted a quality by virtue of which the obligation so described is assignable at law by the payee (and his assignees), in some cases by mere delivery and in others by indorsement, to vest in each succeeding transferee not only the legal title thereto and the direct obligation to him of the original debtor without notice to such original debtor, but when acquired under certain circumstances, such title is unaffected by the equities or defenses, if any, of such debtor Against his original promisee.

A negotiable instrument is an evidence of a money indebtedness. Claims against debtors in any form are now in all jurisdictions assignable by the claimant. But such claims although assignable are not negotiable unless having certain "formal requisites" hereinafter described.

The general character of an instrument assumed to be negotiable may be indicated by the following process of reasoning. In the first place, the fundamental idea of contract in

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