TITLE IV.-GENERAL PROVISIONS ARTICLE I Sec. 190. This act shall be known as the Negotiable Instruments Law. Sec. 191. In this act, unless the context otherwise requires "Acceptance" means an acceptance completed by delivery or notification. "Action" includes counterclaim and set-off. "Bank" includes any person or association of persons carrying on the business of banking, whether incorporated or not. "Bearer" means the person in possession of a bill or note which is payable to bearer. "Bill" means bill of exchange, and "note" means negotiable promissory note. "Delivery" means transfer of possession, actual or constructive, from one person to another. "Holder" means the payee or indorsee of a bill or note, who is in "Indorsement" means an indorsement completed by delivery. "Issue" means the first delivery of the instrument, complete in "Person" includes a body of persons, whether incorporated or not. "Value" means valuable consideration. "Written" includes printed, and "writing" includes print. Sec. 192. The person "primarily" liable on an instrument is the person who by the terms of the instrument is absolutely required to pay the same. All other parties are "secondarily" liable. Sec. 193. In determining what is a "reasonable time" or an "unreasonable time," regard is to be had to the nature of the instrument, the usage of trade or business (if any) with respect to such instruments, and the facts of the particular case. Sec. 194. Where the day, or the last day, for doing any act herein required or permitted to be done falls on Sunday or on a holiday, the act may be done on the next succeeding secular or business day. Sec. 195. The provisions of this act do not apply to negotiable instruments made and delivered prior to the passage hereof. Sec. 196. In any case not provided for in this act the rules of the law merchant shall govern. Sec. 197. Of the laws enumerated in the schedules hereto annexed that portion specified in the last column is repealed. Sec. 198. This chapter shall take effect on INDEX [THE FIGURES REFER TO PAGES] ACCEPTANCE, Consideration for, 24, 279, 281. Delivery of, 226. Form, 199-232. Parol, 24, 199 (1st case), 210, 211, 213. Written, 207. Extrinsic, 199 (2d case), 208, 215. Constructive, 223–232. By retention of bill, 223, 226, 228, 230. Refusal to return, 229 (1st case). Kinds, 192-199. General, 192-199. Qualified, 192-199. As to amount, 192. As to time, 194. As to place, 193. By conditions, 195. Acceptance by less than all drawees, 196, 198. Acceptance by one partner in his own name, 196, 198, 198, note. Obligation resulting from, see Maker and Acceptor. Of checks, see Checks, certification. ACCEPTOR, See Maker and Acceptor. ACCOMMODATION PARTIES, Who may be, Acceptor, 24, 211, 279, 281. Maker, 289, note, 292, 295. Irregular indorser, see Irregular Indorser. Liability of, To accommodated party, 279. To holder for value with notice, 281. To purchaser for value after maturity, 498, 500, note. To purchaser for less than face, 411. To pledgee for less than face, 416. How liability discharged, By discharge of instrument, see Discharge. By payment of accommodation party, 762, 768. Extension of time to accommodated payee does not discharge maker, Notice of accommodation character, effect on rights of holder for value, Constructive notice of accommodation character of indorsement from dis- Proof of accommodation character, effect on burden of going forward with ADMISSIONS, Of maker and acceptor, see Maker and Acceptor. SM.& M.B.& N.(2D ED.) (827) AGENT, [The figures refer to pages] Instrument signed by, who is bound, 136-158. Instrument payable to, who is proper plaintiff, 168-182. Completion of check for an unauthorized amount, 792. ALTERATION, See Discharge. ALTERNATIVE, Payees, 168, 173. Obligation to pay money or to deliver property, 121 (2d case). AMBIGUOUS INSTRUMENTS, Unsigned bill which has been accepted, 134 (both cases), 134, note. Before acceptance, 184, 189. After acceptance, 185, 187, note. Where drawee of bill is agent of drawer, 188. Where drawer, drawee, and payee are same person, 165. AMBIGUOUS SIGNATURES, 136–158. AMOUNT, Payable on negotiable instrument must be certain, 79-86. When blank, see Incomplete Instruments. Recoverable by holder in due course, see Holder in Due Course, value, notice. ANOMALOUS INDORSER, See Irregular Indorser. ANTECEDENT DEBT, See Holder in Due Course, value. See Consideration. ANTEDATED INSTRUMENT, See Date. ASSIGNABILITY. Distinction between assignability and negotiability, see Negotiability. Whether an indorsement, 107, 311, 315, note, 332. Of instruments payable to order by delivery without indorsement, see BANK, Hour of presentment, when instrument payable at, 644. Manner of presentment, when instrument payable at, 646. BANK NOTES, Though payable on demand do not mature until presentment, 427, note. Instrument payable to, What are, 14-35, 159, 159, note, 730 (1st case). Negotiability of, 14-35. Transfer of, see Transfer, by delivery. BILL OF EXCHANGE. See Form of Negotiable Instrument. BILL OF LADING, Admissions of acceptor of genuineness of bill of lading attached to draft, BLANKS, See Incomplete Instruments. BLANK INDORSEMENT, [The figures refer to pages] See Transfer, by indorsement, kinds. BONA FIDE HOLDER, See Holder in Due Course. BURDEN OF PROOF, See Holder in Due Course, presumptions. CANCELLATION, See Discharge. CAPACITY, Admissions as to capacity of drawer, 509, 511, note. Warranties of indorser as to capacity of prior parties, 726. Warranties of indorser without recourse as to capacity of prior parties, Warranties of transferor by delivery as to capacity of prior parties, 718. CASHIER, Instruments payable to are payable prima facie to bank, 180, 182, note 77. CERTIFICATES OF DEPOSIT, Though payable on demand do not mature until presentment, 427, note. As value, see Holder in Due Course. Transferred after maturity, 488. CERTIFICATION, See Checks, CHECKS, Certification of, Obligation of bank, 543, 547, 604, 606. Effect on liability of drawer and indorsers when certified at re- quest of, Drawer, 606. Holder, 604. Obligation of drawer and indorser, Necessity of timely presentment to charge, Drawer, where drawee bank fails, 620, 622, 624, note, 630, 631. To draw check so as to prevent insertion of figures raising amount. Mode of presentment, see Presentment for Payment. Payment under mistake, see Mistake, payment under. CHOSE IN ACTION, See Negotiability; Assignability. CLEARING HOUSE, Hour of presentment when instrument payable through, 637. No payment until opportunity for examination of checks, 543, 660. COLLECTION, Indorsement for, 338, 344. CONDITION, Instruments conditional on face, see Form of Negotiable Instrument, char- CONDITIONAL INDORSEMENT, 354. CONSIDERATION, Necessity of, for obligation of, Maker, 276 (both cases). Indorser, 278. Acceptor, 24, 279, 281. |