 Where the instrument is paid by a party secondarily liable thereon, it is not discharged; but the party so paying it is remitted to his former rights as regards all prior parties, and he may strike out his own and all subsequent indorsements, and again...  The Pacific Reporter - Page 3041914Full view - About this book
 | North Carolina, Thomas Brown Womack, Needham Y. Gulley, William R. Rodman - Law - 1905 - 1412 pages
...is expressly reserved. 1899, c. 733, s. 120. 2271. Payment by party secondarily liable is not. When the instrument is paid by a party secondarily liable...instrument, except (1) where it is payable to the order of the third person and has been paid by the drawer; and (2) where it was made or accepted for accommodation... | |
 | Robert Emmet Bunker, Michigan - Bills of exchange - 1905 - 392 pages
...the clauses containing the exceptions, but its true meaning will be apparent by reading it thus, — Where the instrument is paid by a party secondarily...to his former rights as regards all prior parties, except; where it is made or accepted for his accommodation and has been paid by the party accommodated,... | |
 | Michigan - Session laws - 1905 - 754 pages
...strike out his own and all subsequent endorsements, and again negotiate the instrument, except: First, Where it is payable to the order of a third person and Exception/. has been paid by the drawer; and Second, Where it is made or accepted for accommodation,... | |
 | Ernest Wilson Huffcut - Commercial law - 1905 - 360 pages
...is entitled to the possession of the instrument and may proceed upon it against all prior parties. He may strike out his own and all subsequent indorsements, and again transfer the paper if he wishes. REVIEW QUESTIONS AND PROBLEMS SECTION 94. In what sense is a negotiable... | |
 | District of Columbia - Law - 1906 - 442 pages
...such party is expressly reserved. Sec. 1425. PAYMENT BY PARTY SECONDARILY LIABLE NOT A DISCHARGE. — Where the instrument is paid by a party secondarily...indorsements and again negotiate the instrument, except — First. Where it is payable to the order of a third person and has been paid by the drawer; and,... | |
 | Massachusetts. Supreme Judicial Court - Law reports, digests, etc - 1906 - 752 pages
...the liability of Howe upon this note. And in a sense this liability may be said to be secondary. ment is paid by a party secondarily liable thereon it is...indorsements, and again negotiate the instrument," with some exceptions not here material. It is plain that this section cannot apply to a case like the... | |
 | New Mexico - 1907 - 406 pages
...secondarily liable, or unless the right of recourse against such party is expressly reserved. Sec. 121. Where the instrument is paid by a party secondarily...indorsements, and again negotiate the instrument, except: I. Where it is payable to the order of a third person, and has been paid by the drawer; and, II. -Where... | |
 | Illinois - Law - 1907 - 644 pages
...such party is expressly reserved, or unless the principal debtor be an accommodating party. § 1 20. Where the instrument is paid by a party secondarily...indorsements, and again negotiate the instrument, except: i. Where it is payable to the order of a third person and has been paid by the drawer; and., 2. Where... | |
 | Alabama - Law - 1907 - 1034 pages
...secondarily liable, or unless the right of recourse against such party is expressly reserved. Section 121. Where the instrument is paid by a party secondarily liable thereon, it is not di charged, but the party so paying it is remitted tiManiy liable, his former rights as regards all... | |
 | West Virginia - Law - 1907 - 710 pages
...arily liable or unless the right of recourse against such party is expressly reserved. Sec. 121. When the instrument is paid by a party secondarily liable thereon, it is not discharged; but^the party so paying it. is remitted to his former rights as regards all prior parties, and he may... | |
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