|
46-3-9 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
Qualified Indorsement |
A qualified indorsement constitutes the indorser a mere assign or of the title to the instrument. It may be made by adding to the indorser’s signature the words… |
Proofed
|
|
46-3-10 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
Conditional Indorsement |
Where an indorsement is conditional, a party required to pay the instrument may disregard the condition, and make a payment to the indorsee or his transferee, w… |
Proofed
|
|
46-3-11 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
Indorsement of Instrument Payable to Two or More Persons |
Where an instrument is payable to the order of two or more payees or indorsees who are not partners, all must indorse, unless the one indorsing has authority to… |
Proofed
|
|
46-3-12 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
Instrument Payable to “Cashier” or Other Fiscal Officer |
Where an instrument is drawn or indorsed to a person, as “cashier” or other fiscal officer of a bank or corporation, it is deemed prima facie to be payable to t… |
Proofed
|
|
46-3-13 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
Indorsement Where Name is Misspelled, Etc |
Where the name of the payee or indorsee is wrongly designated or misspelled, he may indorse the instrument as therein described, adding, if he think fit, his pr… |
Proofed
|
|
46-3-14 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
Indorsement in Representative Capacity |
Where any person is under obligation to indorse in a representative capacity, he may indorse in such terms as to negative personal liability. |
Proofed
|
|
46-3-15 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
Time of Indorsement; Presumption |
Except where an indorsement bears date after the maturity of the instrument, every negotiation is deemed prima facie to have been effected before the instrument… |
Proofed
|
|
46-3-16 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
Place of Indorsement; Presumption |
Except where the contrary appears, every indorsement is presumed prima facie to have been made at the place where the instrument is dated. |
Proofed
|
|
46-3-17 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
Continuation of Negotiable Character |
An instrument negotiable in its origin continues to be negotiable until it has been restrictively indorsed or discharged by payment or otherwise. |
Proofed
|
|
46-3-18 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
Striking Out Indorsement; Effect |
The holder may at any time strike out any indorsement which is not necessary to his title. The indorser whose indorsement is struck out, and all indorsers subse… |
Proofed
|
|
46-3-19 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
Transfers Without Indorsement; Effect of |
Where the holder of an instrument payable to his order transfers it for value without indorsing it, the transfer vests in the transferee such title as the trans… |
Proofed
|
|
46-3-20 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Negotiation |
When Prior Party May Negotiate Instrument |
Where an instrument is negotiated back to a prior party, such party may, subject to the provisions of this chapter, reissue and further negotiate the same. But … |
Proofed
|
|
46-4-1 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Rights of the Holder |
Right of Holder to Sue; Payment |
The holder of a negotiable instrument may sue there on in his own name; and payment to him in due course discharges the instrument. |
Proofed
|
|
46-4-2 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Rights of the Holder |
What Constitutes a Holder in Due Course |
A holder in due course is a holder, including a payee, who has taken the instrument under the following conditions:
(a ) That the instrument is complete and r… |
Proofed
|
|
46-4-3 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Rights of the Holder |
Instrument Payable on Demand; Negotiation After Unreasonable Time |
Where an instrument payable on demand is negotiated an unreasonable length of time after its issue, the holder is not deemed a holder in due course. |
Proofed
|
|
46-4-4 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Rights of the Holder |
Notice Before Full Amount Paid |
Where the transferee receives notice of any infirmity in the instrument or defect in the title of the person negotiating the same before he has paid the full am… |
Proofed
|
|
46-4-5 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Rights of the Holder |
When Title Defective |
The title of a person who negotiates an instrument is defective within the meaning of this chapter when he obtained the instrument, or any signature thereto, by… |
Proofed
|
|
46-4-6 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Rights of the Holder |
What Constitutes Notice of Defect |
To constitute notice of an infirmity in the instrument or defect in the title of the person negotiating the same, the person to whom it is negotiated must have … |
Proofed
|
|
46-4-7 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Rights of the Holder |
Rights of Holder in Due Course |
A holder in due course holds the instrument free from any defect of title of prior parties, and free from defenses available to prior parties among themselves a… |
Proofed
|
|
46-4-8 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Rights of the Holder |
When Subject to Original Defense |
In the hands of any holder other than a holder in due course, a negotiable instrument is subject to the same defenses as if it were nonnegotiable. But a holder … |
Proofed
|
|
46-4-9 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Rights of the Holder |
Presumption as to Holder in Due Course; Burden of Proof |
Every holder is deemed prima facie to be a holder in due course; but when it is shown that the title of any person who has negotiated the instrument was defecti… |
Proofed
|
|
46-5-1 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Liabilities of Parties |
Liability of Maker |
The maker of a negotiable instrument by making it engages that he will pay it according to its tenor, and admits the existence of the payee and his then capacit… |
Proofed
|
|
46-5-2 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Liabilities of Parties |
Liability of Drawer |
The drawer by drawing the instrument admits the existence of the payee and his then capacity to indorse; and engages that on due presentment of the instrument i… |
Proofed
|
|
46-5-3 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Liabilities of Parties |
Liability of Acceptor |
The acceptor by accepting the instrument engages that he will pay it according to the tenor of his acceptance; and admits:
(a) The existence of the drawer, th… |
Proofed
|
|
46-5-4 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Liabilities of Parties |
When Person Deemed Indorser |
A person placing his signature upon an instrument otherwise than as maker, drawer or acceptor, is deemed to be an indorser, unless he clearly in dicates by appr… |
Proofed
|
|
46-5-5 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Liabilities of Parties |
Liability of Irregular Indorser |
Where a person, not otherwise a party to an instrument, places thereon his signature in blank before delivery, he is liable as indorser, in accordance with the … |
Proofed
|
|
46-5-6 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Liabilities of Parties |
Warranty Where Negotiation by Delivery or Qualified Indorsement |
Every person negotiating an instrument by delivery or by a qualified indorsement warrants:
(a) That the instrument is genuine and in all respects what it purp… |
Proofed
|
|
46-5-7 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Liabilities of Parties |
Liability of General Indorser |
Every indorser, except an accommodation indorser, who indorses without qualification, warrants to all subsequent holders in due course:
(a) The matters and th… |
Proofed
|
|
46-5-8 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Liabilities of Parties |
Liability of Indorser Where Paper Negotiable by Delivery |
Where a person places his indorsement on an instrument negotiable by delivery he incurs all the liabilities of an indorser. |
Proofed
|
|
46-5-9 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Liabilities of Parties |
Order in Which Indorsers are Liable |
As respects one another, indorsers are liable prima facie in the order in which they indorse, except that accommodation or irregular indorsers, indorsing for th… |
Proofed
|
|
46-5-10 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Liabilities of Parties |
Liability of Agent or Broker |
Where a broker or other agent negotiates an instrument without indorsement, he incurs all the liabilities prescribed by section six of this article, unless he d… |
Proofed
|
|
46-6-1 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Presentment; When Necessary; Effect of Failure |
Presentment for payment is not necessary in order to charge the person primarily liable on the instrument. But except as herein otherwise provided, presentment … |
Proofed
|
|
46-6-2 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Presentment Where Not Payable on Demand; Where Payable on Demand |
Where the instrument is not payable on demand, presentment must be made on the day it falls due. Where it is payable on demand, presentment must be made within … |
Proofed
|
|
46-6-3 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
What Constitutes Sufficient Presentment |
Presentment for payment, to be sufficient, must be made:
(a) By the holder or by some person authorized to receive payment on his behalf;
(b) At a reasonabl… |
Proofed
|
|
46-6-4 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Place of Presentment |
Presentment for payment is made at the proper place:
(a) Where a place of payment is specified in the instrument and it is there presented;
(b) Where no pla… |
Proofed
|
|
46-6-5 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Exhibition of Instrument Presented |
The instrument must be exhibited to the person from whom payment is demanded, and when it is paid must be delivered up to the party paying it. |
Proofed
|
|
46-6-6 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Presentment When Instrument Payable at Bank |
Where the instrument is payable at a bank, presentment for payment must be made during banking hours, unless the person to make payment has no funds there to me… |
Proofed
|
|
46-6-7 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Presentment When Person Primarily Liable is Dead |
Where the person primarily liable on the instrument is dead, and no place of payment is specified, presentment for payment must be made to his personal represen… |
Proofed
|
|
46-6-8 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Presentment to Persons Liable as Partners |
Where the persons primarily liable on the instrument are liable as partners, and no place of payment is specified, presentment for payment may be made to any on… |
Proofed
|
|
46-6-9 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Presentment to Joint Debtors |
Where there are several persons, not partners, primarily liable on the instrument, and no place of payment is specified, presentment must be made to them all. |
Proofed
|
|
46-6-10 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Presentment Not Required to Charge Drawer |
Presentment for payment is not required in order to charge the drawer where he has no right to expect or require that the drawee or acceptor will pay the instru… |
Proofed
|
|
46-6-11 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Presentment Not Required to Charge Indorser |
Presentment for payment is not required in order to charge an indorser where the instrument was made or accepted for his accommodation. |
Proofed
|
|
46-6-12 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
When Delay in Making Presentment is Excused |
Delay in making presentment for payment is excused when the delay is caused by circumstances beyond the control of the holder and not imputable to his default, … |
Proofed
|
|
46-6-13 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
When Presentment Dispensed With |
Presentment for payment is dispensed with:
(a) Where after the exercise of reasonable diligence presentment as required by this chapter can not be made;
(b)… |
Proofed
|
|
46-6-14 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
When Instrument Dishonored by Nonpayment |
The instrument is dishonored by nonpayment when:
(a) It is duly presented for payment and payment is refused or can not be obtained; or
(b) Presentment is e… |
Proofed
|
|
46-6-15 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Liability of Person Secondarily Liable When Instrument Dishonored |
Subject to the provisions of this chapter, when the instrument is dishonored by nonpayment, an immediate right of recourse to all parties secondarily liable the… |
Proofed
|
|
46-6-16 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Time of Maturity |
Every negotiable instrument is payable at the time fixed therein without grace. When the day of maturity falls upon Sunday, or a holiday, the instrument is paya… |
Proofed
|
|
46-6-17 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
How Time Computed |
Where the instrument is payable at a fixed period after date, after sight, or after the happening of a specified event, the time of payment is determined by exc… |
Proofed
|
|
46-6-18 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
Instrument Payable at Bank; Effect Of |
Where the instrument is made payable at a bank it is not equivalent to an order to the bank to pay the same for the account of the principal debtor thereon. |
Proofed
|
|
46-6-19 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Payment |
What is Payment in Due Course |
Payment is made in due course when it is made at or after maturity of the instrument to the holder thereof in good faith and without notice that his title is de… |
Proofed
|