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acceptance within ten days after the time which would suffice, with ordinary diligence, to forward it for acceptance, unless presentment is excused.
An acceptance of a bill must be made in writing, and may be made by the acceptor writing his name across the face of the bill, with or without other words.
An unconditional promise, in writing, to accept a bill of exchange, is a sufficient acceptance thereof, in favor of every person who upon the faith thereof has taken the bill for value or other good consideration.
On the dishonor of a bill of exchange by the drawee, and in case of a foreign bill, after it has been duly protested, it may be accepted or paid by any person, for the honor of any party thereto.
If a bill of exchange, payable at sight or on demand, without interest, is not duly presented for payment within ten days after the time in which it could, with reasonable diligence, be transmitted to the proper place for presentment, the drawer and indorsers are exonorated unless such presentment is excused.
The presentment of a bill of exchange for acceptance is excused if the drawee has not capacity to accept it.
Delay in the presentment of a bill of exchange for acceptance is excused, when caused by circumstances over which the owner has no control.
Presentment of a bill of exchange for acceptance or payment, and notice of its dishonor, are excused as to the drawer, if he forbids the drawee to accept, or the acceptor to pay the bill; or if, at the time of drawing, he had no reason to believe that the drawee would accept or pay the same.
An inland bill of exchange is one drawn and payable within this State. All others are foreign.
Notice of the dishonor of a foreign bill of exchange can be given only by notice of its protest, and the protest must be made by a Notary Public, if with reasonable diligence one can be obtained; and if not, then by any reputable person, in the presence of two wit
Protest for non-acceptance must be made in the city or town in which the bill is presented for acceptance, and a protest for non-payment in the city or town in which it is presented for payment.
One who pays a foreign bill for honor must declare, before payment, in the presence of a person authorized to make protest, for whose honor he pays the same, in order to entitle him to reimbursement.
Damages on foreign bills of exchange are allowed as hereinafter prescribed, as a full compensation for interest accrued before notice of dishonor, re-exchange, expenses, and all other damages, in favor of holders for value only, upon bills of exchange drawn or negotiated within the State, and protested for non-acceptance or non-payment.
Damages are allowed as follows:
each one hundred dollars of the principal sum specified in the bill.
2. If drawn upon any person out of this State, but in any other of the States west of the Rocky Mountains, five dollars upon each hundred dollars of the principal sum specified in the bill.
3. If drawn upon any person in any of the United States, east of the Rocky Mountains, ten dollars upon each hundred dollars of the principal sum specified in the bill.
4. If drawn upon any person in any place in a foreign country, fifteen dollars upon each hundred dollars of the principal sum specified in the bill.
From the time of notice of dishonor and demand of payment, lawful interest must be allowed upon the aggregate amount of the principal sum specified in the bill, and the damages above mentioned.
A promissory note is an instrument negotiable in form, whereby the signer promises to pay a specified sum of money.
If a promissory note, payable on demand, or at sight, without interest, is not duly presented for payment within six months from its date, the indorsers thereof are exonerated, unless such presentment is excused.
Days of grace are not allowed on bills of exchange and promissory notes.
A check is a bill of exchange drawn upon a bank or banker, or a person described as such upon the face thereof, and payable on demand without interest.
A check is subject to all the provisions herein mentioned concerning bills of exchange, except that
1. The drawers and indorsers are exonerated by delay in prese tation only to the extent of the injury they suffer thereby.
2. An indorsee, after its apparent maturity, but without actual notice of its dishonor, acquires a title equal to that of an indorsee before such period.
A negotiable instrument must be made payable in money only, and without any condition not certain of fulfillment.
A negotiable instrument may be with or without date, and with or without designation of the time or place of payment.
A negotiable instrument may contain a pledge of collateral security, with authority to dispose thereof.
A negotiable instrument which does not specify a place of payment is payable at the residence or place of business of the maker, or wherever he may be found.
A negotiable instrument, made payable to the order of the maker, or of a fictitious person, if issued by the maker for a valid consideration, without indorsement, has the same effect against him, and all other persons having notice of the facts, as if payable to the bearer.
An indorsement of a negotiable instrument may be general or special.
A general indorsement is one by which no indorsee is named. A special indorsement specifies the indorsee.
A negotiable instrument bearing a general indorsement cannot be afterward specially indorsed; but any lawful holder may turn a general indorsement into a special one, by writing above it a direction for payment to a particular person.
A special indorsement may, by express words for that purpose, but not otherwise, be so made as to render the instrument not negotiable.
An indorser may qualify his indorsement with the words “ without recourse," or equivalent words; and upon such indorsement he is responsible only to the same extent as in the case of a transfer without indorsement.
An indorsee in due course is one who, in good faith, in the ordinary course of business, and for value, before its apparent maturity or presumptive dishonor, and without knowledge of its actual
dishonor, acquires a negotiable instrument duly indorsed to him, or indorsed generally, or payable to the bearer.
An indorsee of a negotiable instrument, in due course acquires an absolute title thereto, so that it is valid in his hands, notwithstanding any provision of law making it generally void or voidable, and notwithstanding any defect in the title of the person from whom he acquired it.
The want of consideration for the undertaking of a maker, acceptor, or indorser of a negotiable instrument does not exonerate him from liability thereon to an indorsee in good faith for a consideration.
It is not necessary to make a demand of payment upon the principal debtor in a negotiable instrument in order to charge him ; but if the instrument is, by its terms, payable at a specified place, and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to an offer of payment on his part.
Presentment of a negotiable instrument for payment, when necessary, must be made as follows, as nearly as by reasonable diligence it is practicable :
1. The instrument must be presented by the holder.
2. The instrument must be presented to the principal debtor, if he can be found at the place where presentment should be made ; and if not, then it must be presented to some other person having charge thereof, or employed therein, if one can be found there.
3. An instrument which specifies a place for its payment must be presented there; and if the place specified includes more than one house, then at the place of residence or business of the principal debtor, if it can be found therein.
4. An instrument which does not specify a place for its payment must be presented at the place of residence or business of the principal debtor, or wherever he may be found, at the option of the presentor; and
5. The instrument must be presented upon the day of its maturity, or if it be payable on demand, it may be presented on any day. It must be presented within reasonable hours; and if it be payable at a banking-house, within the usual banking-hours of the vicinity; but by the consent of the person to whom it should be presented, it may be presented at any hour of the day.
6. If the principal debtor have no place of business, or if his place of business or residence cannot, with reasonable diligence, be ascertained, presentment for payment is excused.
The apparent maturity of a negotiable instrument, payable at a particular time, is the day on which, by its terms, it becomes due, or when that is a holiday, the next business day.
A bill of exchange, payable at a certain time after sight, which is not accepted within ten days after its date, in addition to the time which would suffice, with ordinary diligence, to forward it for acceptance, is presumed to have been dishonored.
The apparent maturity of a bill of exchange, payable at sight or on demand, is :
1. If it bears interest, one year after its date; or,
2. If it does not bear interest, ten days after its date, in addition to the time which would suffice, with ordinary diligence, to forward it for acceptance.
The apparent maturity of a promissory note, payable at sight or on demand, is :
1. If it bears interest, one year after its date; or,
When a promissory note is payable at a certain time after sight or demand, such time is to be added to the period above-mentioned.
A negotiable instrument is dishonored when it is either not paid or not accepted, according to its tenor, on presentation for the purpose, or without presentation when that is excused.
Notice of the dishonor of a negotiable instrument may be given : 1. By a holder thereof; or,
2. By any party to the instrument who might be compelled to pay it to the holder, and who would, upon taking it up, have a right to reimbursement from the party to whom the notice is given.
A notice of dishonor may be given in any form which describes the instrument with reasonable certainty, and substantially informs the party receiving it that the instrument has been dishonored.
A notice of dishonor
be given : 1. By delivering it to the party to be charged, personally, at any place; or,