Lectures on Business Law and the Negotiable Instruments Law

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Bay State Press, 1911 - Commercial law - 288 pages
 

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Page 3 - 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 had actual knowledge of the infirmity or defect, or knowledge of such facts that his action in taking the instrument amounted to bad faith.
Page 7 - The instrument is payable to bearer — 1. When it is expressed to be so payable; or 2. When it is payable to a person named therein or bearer; or 3. When it is payable to the order of a fictitious or nonexisting person, and such fact was known to the person making it so payable; or 4.
Page 6 - But nothing in this section shall alter or repeal any statute requiring in certain cases the nature of the consideration to be stated in the instrument.
Page 2 - 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.
Page 7 - A negotiable instrument is discharged : 1. By payment in due course by or on behalf of the principal debtor ; 2. By payment in due course by the party accommodated, where the instrument is made or accepted for accommodation; 3. By the intentional cancellation thereof by the holder; 4. By any other act which will discharge a simple contract for the payment of money; 5. When...
Page 5 - 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 than the drawee, has been dishonored by non-acceptance, it must be protested for nonpayment at the place where it is expressed to be payable; and no further presentment for payment to, or demand on, the drawee is necessary.
Page 4 - 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 non-negotiable. But a holder who derives his title through a holder in due course, and who is not himself a party to any fraud or illegality affecting the instrument, has all the rights of such former holder in respect of all parties prior to the latter.
Page 5 - ... presentment must be made to them all, unless one has authority to accept or refuse acceptance for all, in which case presentment may be made to him only; (2) Where the drawee is dead, presentment may be made to his personal representative...
Page 2 - That it is complete and regular upon its face. (2) That he became the holder of it before it was overdue, and without notice that it had been previously dishonored, if such was the fact. (3) That he took it in good faith and for value. (4) That at the time it was negotiated to him he had no notice of any infirmity in the instrument or defect in the title of the person negotiating it.
Page 5 - Where the bill is not payable on demand, presentment must be made on the day it falls due. ('2) Where the bill is payable on demand, then, subject to the provisions of this act, presentment must be made within a reasonable time after its issue...

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