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"" Bearer means the person in possession of a bill or note which is payable to bearer.
"Bill" means bill of exchange, and "note" means negotiable promissory note.
Delivery" means transfer of possession, actual or constructive, from one person to another.
"Holder" means the payee or indorsee of a bill or note, who is in possession of it, or the bearer thereof.
"Indorsement" means an indorsement completed by delivery. "Instrument" means negotiable instrument.
“Issue" means the first delivery of the instrument, complete in form, to a person who takes it as a holder.. "Person" includes a body of persons, whether incorporated or
"Value" means valuable consideration.
"Written" " includes printed, and "writing" includes print.
SECTION 3. Person primarily liable on instrument.
4. Reasonable time, what constitutes.
5. Time, how computed; when last day falls on holiday.
7. Law merchant; when governs.
§ 3. Person primarily liable on instrument. The person "primarily " liable on an instrument is the person who by the terms of the instrument is absolutely required to pay the same. All other parties are "secondarily" liable.
§ 4. Reasonable time, what constitutes. In determining what is a reasonable time or an unreasonable time" regard is to be had to the nature of the instrument, the usage of trade or business (if any) with respect to such instruments, and the facts of the particular case.
§ 5. Time, how computed; when last day falls on holiday.
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. § 6. Application of chapter.
The provisions of this chapter do not apply to negotiable instruments made and delivered prior to October first, eighteen hundred and ninety-seven.
37. Law merchant; when governs.
In any case not provided for in this chapter the rules of the law merchant shall govern.
FORM AND INTERPRETATION.
SECTION 20. Form of negotiable instrument.
21. Certainty as to sum; what constitutes.
23. Determinable future time; what constitutes.
26. When payable on demand.
27. When payable to order.
33. Blanks; when may be filled.
34. Incomplete instrument not delivered.
35. Delivery; when effectual; when presumed.
36. Construction where instrument is ambiguous.
37. Liability of person signing in trade or assumed name.
38. Signature by agent; authority; how shown.
39. Liability of person signing as agent.
40. Signature by procuration; effect of.
41. Effect of indorsement by infant or corporation.
20. Form of negotiable instrument.
An instrument to be negotiable must conform to the following requirements:
1. It must be in writing and signed by the maker or drawer; 2. Must contain an unconditional promise or order to pay a sum certain in money;
3. Must be payable on demand, or at a fixed or determinable future time;
4. Must be payable to order or to bearer; and
5. Where the instrument is addressed to a drawee, he must be named or otherwise indicated therein with reasonable certainty.
§ 21. Certainty as to sum; what constitutes.
The sum payable is a sum certain within the meaning of this chapter although it is to be paid:
1. With interest; ór
2. By stated instalments; or
3. By stated instalments, with a provision that upon default in payment of any instalment or of interest, the whole shall become due; or
4. With exchange, whether at a fixed rate or at the current rate; or
5. With costs of collection or an attorney's fee, in case payment shall not be made at maturity.
§ 22. When promise is unconditional.
An unqualified order or promise to pay is unconditional within the meaning of this chapter, though coupled with:
1. An indication of a particular fund out of which reimbursement is to be made, or a particular account to bè debited with the amount; or
2. A statement of the transaction which gives rise to the in
But an order or promise to pay out of a particular fund is not unconditional.
§ 23. Determinable future time; what constitutes.
An instrument is payable at a determinable future time, within the meaning of this chapter, which is expressed to be payable:
1. At a fixed period after date or sight; or
2. On or before a fixed or déterminable future time specified therein; or
3. On or at a fixed period after the occurrence of a specified event, which is certain to happen, though the time of happening be uncertain.
An instrument payable upon a contingency is not negotiable, and the happening of the event does not cure the defect.
§ 24. Additional provisions not affecting negotiability. An instrument which contains an order or promise to do any act in addition to the payment of money is not negotiable. But the negotiable character of an instrument otherwise negotiable is not affected by a provision which:
1. Authorizes the sale of collateral securities in case the instrument be not paid at maturity; or
2. Authorizes a confession of judgment if the instrument be not paid at maturity; or
3. Waives the benefit of any law intended for the advantage or protection of the obligor; or
4. Gives the holder an election to require something to be done in lieu of payment of money.
But nothing in this section shall validate any provision or stipulation otherwise illegal.
§ 25. Omissions; seal; particular money.
The validity and negotiable character of an instrument are not affected by the fact that:
1. It is not dated; or
2. Does not specify the value given, or that any value has been given therefor; or
3. Does not specify the place where it is drawn or the place where it is payable; or
4. Bears a seal; or
5. Designates a particular kind of current money in which payment is to be made.
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.
§ 26. When, payable on demand.
An instrument is payable on demand:
1. Where it is expressed to be payable on demand, or at sight, or on presentation; or
2. In which no time for payment is expressed.
Where an instrument is issued, accepted or indorsed when overdue, it is, as regards the person so issuing, accepting or indorsing it, payable on demand.
§ 27. When payable to order.
The instrument is payable to order where it is drawn payable to the order of a specified person or to him or his order. It may be drawn payable to the order of:
1. A payee who is not maker, drawer or drawee; or
2. The drawer or maker; or
3. The drawee; or
4. Two or more payees jointly; or
5. One or some of several payees; or
6. The holder of an office for the time being.