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46-10-8 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance |
Kinds of Acceptance |
An acceptance is either general or qualified. A general acceptance assents without qualification to the order of the drawer. A qualified acceptance in express t… |
Proofed
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46-10-9 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance |
Acceptance to Pay at Particular Place |
An acceptance to pay at a particular place is a general acceptance unless it expressly states that the bill is to be paid there only and not elsewhere. |
Proofed
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46-10-10 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance |
Qualified Acceptance |
An acceptance is qualified, which is:
(a) Conditional, that is to say, which makes payment by the acceptor dependent on the fulfillment of a condition therein … |
Proofed
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46-10-11 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance |
Rights of Parties as to Qualified Acceptance |
The holder may refuse to take a qualified acceptance, and, if he does not obtain an unqualified acceptance, he may treat the bill as dishonored by nonacceptance… |
Proofed
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46-11-1 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Acceptance |
When Presentment for Acceptance Must be Made |
Presentment for acceptance must be made:
(a) Where the bill is payable after sight, or in any other case where presentment for acceptance is necessary in order… |
Proofed
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46-11-2 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Acceptance |
When Failure to Present Releases Drawer and Indorser |
Except as herein otherwise provided, the holder of a bill which is required by the next preceding section to be presented for acceptance must either present it … |
Proofed
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46-11-3 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Acceptance |
Presentment; How Made |
Presentment for acceptance must be made by or on behalf of the holder at a reasonable hour, on a business day, and before the bill is overdue, to the drawee or … |
Proofed
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46-11-4 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Acceptance |
Days on Which Presentment May be Made |
A bill may be presented for acceptance on any day on which negotiable instruments may be presented for payment under the provisions of sections three and sixtee… |
Proofed
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46-11-5 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Acceptance |
Delay Caused by Previous Presentment |
Where the holder of a bill drawn payable elsewhere than at the place of business or the residence of the drawee has not time, with the exercise of reasonable di… |
Proofed
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46-11-6 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Acceptance |
When Presentment is Excused |
Presentment for acceptance is excused and a bill may be treated as dishonored by nonacceptance, in either of the following cases:
(a) Where the drawee is dead,… |
Proofed
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46-11-7 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Acceptance |
When Dishonored by Nonacceptance |
A bill is dishonored by nonacceptance:
(a) When it is duly presented for acceptance and such an acceptance as is prescribed by this chapter is refused or can n… |
Proofed
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46-11-8 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Acceptance |
Duty of Holder Where Bill Not Accepted |
Where a bill is duly presented for acceptance and is not accepted within the prescribed time, the person presenting it must treat the bill as dishonored by nona… |
Proofed
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46-11-9 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Presentment for Acceptance |
Rights of Holder Where Bill Not Accepted |
When a bill is dishonored by nonacceptance, an immediate right of recourse against the drawers and indorsers accrues to the holder, and no presentment for payme… |
Proofed
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46-12-1 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Protest |
In What Cases Protest Necessary |
Where a foreign bill appearing on its face to be such is dishonored by nonacceptance, it must be duly protested for nonacceptance, and where such a bill which h… |
Proofed
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46-12-2 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Protest |
Protest; How Made |
The protest must be annexed to the bill, or must contain a copy thereof, and must be under the hand and seal of the notary making it and must specify:
(a) The … |
Proofed
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46-12-3 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Protest |
By Whom Protest Made |
Protest may be made by:
(a) A notary public; or
(b) By any respectable resident of the place where the bill is dishonored in the presence of two or more credi… |
Proofed
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46-12-4 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Protest |
When Protest to be Made |
When a bill is protested, such protest must be made on the day of its dishonor, unless delay is excused as herein provided. When a bill has been duly noted, the… |
Proofed
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46-12-5 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Protest |
Where Protest to be Made |
A bill must be protested at the place where it is dishonored, except that when a bill drawn payable at the place of business or residence of some person other t… |
Proofed
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46-12-6 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Protest |
Protest Both for Nonaeceptance and for Nonpayment |
A bill which has been protested for nonacceptance may be subsequently protested for nonpayment. |
Proofed
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46-12-7 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Protest |
Protest Before Maturity Where Accept or Insolvent |
Where the acceptor has been adjudged a bankrupt or an insolvent, or has made an assignment for the benefit of creditors, before the bill matures, the holder may… |
Proofed
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46-12-8 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Protest |
When Protest Dispensed With |
Protest is dispensed with by any circumstances which would dispense with notice of dishonor. Delay in noting or protesting is excused when delay is caused by ci… |
Proofed
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46-12-9 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Protest |
Protest Where Bill is Lost, Destroyed or Wrongly Detained |
Where a bill is lost or destroyed or is wrongly detained from the person entitled to hold it, protest may be made on a copy or written particulars thereof. |
Proofed
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46-13-1 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance for Honor |
When Bill May be Accepted for Honor |
Where a bill of exchange has been protested for dishonor by nonacceptance, or protested for better security, and is not overdue, any person not being a party al… |
Proofed
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46-13-2 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance for Honor |
How Acceptance for Honor Made |
An acceptance for honor supra protest must be in writing and indicate that it is an acceptance for honor, and must be signed by the acceptor for honor. |
Proofed
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46-13-3 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance for Honor |
When Deemed to be Acceptance for Honor of Drawer |
Where an acceptance for honor does not expressly state for whose honor it is made, it is deemed to be an acceptance for the honor of the drawer. |
Proofed
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46-13-4 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance for Honor |
Liability of Acceptor for Honor |
The acceptor for honor is liable to the holder and to all parties to the bill subsequent to the party for whose honor he has accepted. |
Proofed
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46-13-5 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance for Honor |
Agreement of Acceptor for Honor |
The acceptor for honor by such acceptance engages that he will, on due presentment, pay the bill according to the terms of his acceptance, provided it shall not… |
Proofed
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46-13-6 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance for Honor |
Maturity of Bill Payable After Sight and Accepted for Honor |
When a bill payable after sight is accepted for honor, its maturity is calculated from the date of the noting for nonacceptance and not from the date of the acc… |
Proofed
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46-13-7 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance for Honor |
Protest of Bill Accepted for Honor, Etc |
Where a dishonored bill has been accepted for honor supra protest or contains a reference in case of need, it must be protested for nonpayment before it is pres… |
Proofed
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46-13-8 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance for Honor |
Presentment for Payment to Acceptor for Honor; How Made |
Presentment for payment to the acceptor for honor must be made as follows:
(a) If it is to be presented in the place where the protest for nonpayment was made… |
Proofed
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46-13-9 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance for Honor |
When Delay in Making Presentment is Excused |
The provisions of section twelve, article six of this chapter apply where there is delay in making presentment to the acceptor for honor or referee in case of n… |
Proofed
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46-13-10 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Acceptance for Honor |
Dishonor of Bill by Acceptor for Honor |
When the bill is dishonored by the acceptor for honor it must be protested for nonpayment by him. |
Proofed
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46-14-1 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Payment for Honor |
Who May Make Payment for Honor |
Where a bill has been protested for nonpayment, any person may intervene and pay it supra pro test for the honor of any person liable thereon or for the honor o… |
Proofed
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46-14-2 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Payment for Honor |
Payment for Honor to be Attested by Notary |
The payment for honor supra protest in order to operate as such and not as a mere voluntary payment must be attested by a no tarial act of honor which may be ap… |
Proofed
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46-14-3 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Payment for Honor |
Declaration Before Payment for Honor |
The notarial act of honor must be founded on a declaration made by the payer for honor or by his agent in that behalf declaring his intention to pay the bill fo… |
Proofed
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46-14-4 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Payment for Honor |
Preference of Persons Offering to Pay for Honor |
Where two or more persons offer to pay a bill for the honor of different parties, the person whose payment will discharge most parties to the bill is to be give… |
Proofed
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46-14-5 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Payment for Honor |
Effect on Subsequent Parties Where Bill is Paid for Honor; Rights of Payer for Honor |
Where a bill has been paid for honor, all parties subsequent to the party for whose honor it is paid are discharged, but the payer for honor is subrogated for, … |
Proofed
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46-14-6 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Payment for Honor |
Refusal of Holder to Receive Payment Supra Protest |
When the holder of a bill refuses to receive payment supra protest, he loses his right of recourse against any party who would have been discharged by such paym… |
Proofed
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46-14-7 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Payment for Honor |
Right of Payer for Honor to Receive Bill and Protest |
The payer for honor, on paying to the holder the amount of the bill and the notarial expenses incidental to its dishonor, is entitled to receive both the bill i… |
Proofed
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46-15-1 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Bills in a Set |
Parts Constitute One Bill |
Where a bill is drawn in a set, each part of the set being numbered and containing a reference to the other parts, the whole of the parts constitutes one bill. |
Proofed
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46-15-2 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Bills in a Set |
Rights of Holders Where Different Parts Are Negotiated |
Where two or more parts of a set are negotiated to different holders in due course, the holder whose title first accrues is, as between such holders, the true o… |
Proofed
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46-15-3 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Bills in a Set |
Liability of Holder Who Indorses Two or More Parts of a Set to Different Persons |
Where the holder of a set indorses two or more parts to different persons he is liable on every such part, and every indorser subsequent to him is liable on the… |
Proofed
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46-15-4 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Bills in a Set |
Acceptance of Bills Drawn in Sets |
The acceptance may be written on any part and it must be written on one part only. If the drawee accepts more than one part, and such accepted parts are negotia… |
Proofed
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46-15-5 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Bills in a Set |
Payment by Acceptor of Bill Drawn in Set |
When the acceptor of a bill drawn in a set pays it without requiring the part bearing his acceptance to be delivered up to him, and that part at maturity is out… |
Proofed
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46-15-6 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Bills in a Set |
Effect of Discharging One of a Set |
Except as herein otherwise provided, where any one part of a bill drawn in a set is discharged by payment or otherwise, the whole bill is discharged. |
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46-16-1 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Promissory Notes and Checks |
Promissory Note Defined |
A negotiable promissory note within the meaning of this chapter is an unconditional promise in writing made by one person to another, signed by the maker, engag… |
Proofed
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46-16-2 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Promissory Notes and Checks |
Check Defined |
A check is a bill of exchange drawn on a bank payable on demand. Except as herein otherwise provided, the provisions of this chapter, applicable to a bill of ex… |
Proofed
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46-16-3 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Promissory Notes and Checks |
Within What Time a Check Must be Presented |
A check must be presented for payment within a reasonable time after its issue, or the drawer will be discharged from liability thereon to the extent of the los… |
Proofed
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46-16-4 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Promissory Notes and Checks |
Certification of Check; Effect of |
Where a check is certified by the bank on which it is drawn, the certification is equivalent to an acceptance. |
Proofed
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46-16-5 |
Ch. 46 — NEGOTIABLE INSTRUMENTS |
Promissory Notes and Checks |
Effect Where Holder of Check Procures it to be Certified |
Where the holder of a check procures it to be accepted or certified, the drawer and all indorsers are discharged from liability thereon. |
Proofed
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