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2. By delivering it to some person of discretion at the place of residence or business of such party, apparently acting for him; or,
3. By properly folding the notice, directing it to the party to be charged, at his place of residence, according to the best information that the person giving the notice can obtain, depositing it in the Post-office most conveniently accessible from the place where the presentment was made, and paying the postage thereon.
In case of the death of a party to whom notice of dishonor should otherwise be given, the notice must be given to one of his personal representatives ; or if there are none, then to any member of his family who resided with him at his death ; or if there is none, then it must be mailed to his last place of residence.
A notice of dishonor given otherwise than by mail must be given on the day of dishonor, or on the next business day. When given by mail, it must be deposited in the Post-office in time for the first mail which closes after noon of the first business day succeeding the dishonor, and which leaves the place where the instrument was dishonored for the place to which the notice should be sent.
Every party to a negotiable instrument, receiving notice of its dishonor, has the like time thereafter to give similar notice to prior parties as the original holder had after its dishonor. But this additional time is available only to the particular party entitled thereto.
A notice of the dishonor of a negotiable instrument, if valid, in favor of the party giving it, inures to the benefit of all other parties thereto whose right to give the like notice has not then been lost.
Notice of dishonor is excused :
1. When the party by whom it should be given cannot, with reasonable diligence, ascertain either the place of residence or business of the party to be charged; or,
2. When there is no Post-office communication between the town of the party by whom the notice should be given, and the town in which the place of residence or business of the party to be charged is situated; or,
3. When the party to be charged is the same party who dishonors the instrument; or,
4. When the notice is waived by the party entitled thereto. Presentment and notice are excused as to any party who informs the holder, within ten days before maturity, that the instrument will be dishonored.
If before or after the maturity of an instrument an indorser has received full security for the amount thereof, or the maker has assigned all his estate to him as such security, presentment and notice to him are excused.
Delay in presentment, or in giving notice of dishonor, is excused when caused by circumstances which the party delaying could not have avoided by the exercise of reasonable care and diligence.
A waiver of presentment waives notice of dishonor also; but a waiver of notice does not waive presentment.
A waiver of protest on any negotiable instrument, other than a foreign bill of exchange, waives presentment and notice.
PRINCIPAL AND AGENT.
An agent is one who represents another, called the principal, in dealings with third persons.
Any person having capacity to contract may appoint an agent, and any person may be an agent.
An agent for a particalar act or transaction is called a special agent. All others are general agents.
An agent, unless specially forbidden by his principal to do so, can delegate his powers to another
any of the following cases, and in no others :
1. When the act to be done is purely mechanical.
2. When it is such as the agent cannot himself, and the sub-agent can, lawfully perform.
3. When it is the usage of the place to delegate such powers. 4. When such delegation is specially authorized by the principal. If an agent employs a sub-agent without authority, the former is a principal and the latter his agent, and the principal of the former has no connection with the latter.
A sub-agent, lawfully appointed, represents the principal in like manner with the original agent; and the original agent is not responsible to third persons for the acts of the sub-agent.
FRAUDULENT INSTRUMENTS AND TRANSFERS.
Every transfer of property or change thereon made, every obligation incurred, and every judicial proceeding taken, with intent to delay or defraud any creditor or other person of his demands, is void against all creditors of the debtor and their successors in interest, and against any person upon whom the estate of the debtor devolves, in trust for the benefit of others than the debtor.
Every transfer of personal property (other than a thing in action, or a ship or cargo at sea, or in a foreign port, and every lien thereon, other than a mortgage, when allowed by law and a contract of bottomry or respondentia), is conclusively presumed-if made by a person having at the time the possession or control of the property, and not accompanied by an immediate delivery, and followed by an actual and continued change of possession of the things transferred,to be fraudulent, and therefore void, against those who are his creditors while he remains in possession, and the successors in interest of such creditors, and against any person on whom the estate de
volves in trust for the benefit of others than himself, and against purchasers or incumbrancers in good faith subsequent to the transfer.
ASSIGNMENTS FOR THE BENEFIT OF CREDITORS.
An insolvent debtor may, in good faith, execute an assignment of property to one or more assignees, in trust for the satisfaction of his creditors.
An assignment for the benefit of creditors is void against any creditor of the assignor, not assenting thereto, in the following
1. If it give a preference of one debt, or class of debts, over another.
2. If it tend to coerce any creditor to release or compromise his demands.
3. If it provide for the payment of any claim known to the assignor to be false or fraudulent, or for the payment of more upon any claim than is known to be justly due from the assignor.
4. If it reserve any interest in the assigned property, or in any part thereof, to the assignor, or for his benefit, before all his existing debts are paid.
5. If it confer upon the assignee any power which, if exercised, might prevent or delay the immediate conversion of the assigned property to the purposes of the trust.
6. If it exempt him from liability for neglect of duty or misconduct.
The assignment must be in writing, signed, duly acknowledged and recorded.
Within twenty days after an assignment is made, an inventory must be filed with the County Recorder, duly sworn to.
Within thirty days after the date of an assignment, the assignee must enter into a bond for the faithful discharge of the trust, in a sum to be fixed by the County Judge.
Property exempt from execution, and insurance upon the life of the assignor, do not pass to the assignee unless specially mentioned in the assignment.
An assignment executed and recorded cannot afterward be canceled or modified by the parties thereto, without the consent of every creditor affected thereby.
COMMISSION MERCHANTS, ETC.
Every commission merchant, broker, agent, factor, or consignee, who shall willfully and corruptly make, or cause to be made, to the principal or consignor of such commission merchant, agent, broker, factor, or consignee, a false statement concerning the price obtained for, or the quality or quantity of any property consigned or intrusted to such commission merchant, agent, broker, factor, or consignee, for sale, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five hundred dollars, or imprisonment in the County Jail not exceeding six months, or by both such fine and imprisonment.