 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
 | Charles Thaddeus Terry - Uniform state laws - 1920 - 708 pages
...Barber (1914}. 149 N. W. 767. United States.— Nalitzky v. Williams (1917). 237 Fed. 802. Section 121. Where the instrument is paid by a party secondarily...except: (1) Where it is payable to the order of a third porson, and has been paid by the drawer; and (2) Where it was made or accepted for accommodation, and... | |
 | Walter Gould Lincoln - Commercial law - 1920 - 406 pages
...party is expressly reserved. 3202. Where the instrument is paid by a party secondarily liable on it, it is not discharged; but the party so paying it is...indorsements, and again negotiate the instrument, \except4-(l) Where it is payable to the order of a third person, and has been paid by the drawer; and... | |
 | Benjamin Russell - Bills of exchange - 1921 - 644 pages
...to his former rights as regards the acceptor and all antecedent parties, and may, if he thinks fit, strike out his own and all subsequent indorsements and again negotiate the bill. But there is one case in which the bill cannot be reissued. It is dealt with in the following... | |
 | James Hinton Pou - Corporation law - 1922 - 1032 pages
...pavment as agreed. — Ponder v. Green, 161 NC 50, 76 SE 632. 439. Right of party paying instrument. 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... | |
 | William Everett Britton, Ralph Stanley Bauer - Commercial law - 1922 - 1612 pages
...all the rights of such former holder in respect of all parties prior to the latter. NIL, Section 121. Where the instrument is paid by a party secondarily...regards all prior parties and he may strike out his 6wn and all subsequent indorsements, and again negotiate the instrument, except (1) where it is payable... | |
 | Law reports, digests, etc - 1922 - 1056 pages
...principal debtor, etc.] From section 121 (Shannon, § 3516al29): Where the instrument is paid by the party secondarily liable thereon it is not discharged;...party so paying it is remitted to his former rights as against all prior parties, etc. The matter is, of course, one in which the federal courts are bound... | |
 | Law - 1925 - 1126 pages
...indorsement, such payment is no payment at all as to the true owner.6 § 104. Payment by Indorser. "Where the instrument is paid by a party secondarily...liable thereon, it is not discharged; but the party so payment), and Low v. Warden, 77 authority. See Civ. Code, 5 3123, Cal. 94, 19 Рас. 235 (holding... | |
 | Henry Winthrop Ballantine - Bar examinations - 1927 - 1166 pages
...course. But this language is in conflict to some extent with that of section 121, which declares that, "where the instrument is paid by a party secondarily...to his former rights as regards all prior parties." The effect of these two sections upon the rights of the reacquirer has not yet been worked out in the... | |
 | Melville Madison Bigelow - Negotiable instruments - 1928 - 680 pages
...Battersbee v. Calkins, 128 Mich. 569, 87 NW 760. This interpretation is aided by § 121 declaring that "where the instrument is paid by a party secondarily...thereon it is not discharged ; but the party so paying is remitted to his former rights as regards all prior parties, and he may strike out his own and all... | |
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