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A GENERAL ACT RELATING TO NEGOTIABLE INSTRUMENTS, BEING AN ACT TO ESTABLISH A LAW UNIFORM WITH THE LAWS OF OTHER STATES ON THAT SUBJECT. C. B. No. 41; Approved March 21, 1907.
When payable to bearer.
Ante-dated and post-dated.
Blanks, when may be filled.
Sec 16. Delivery; when effectual; when presumed.
Effect of indorsement by infunt or corporation.
Special indorsement; indorsement in blank.
Sec. 35. Blank indorsement; how changed to special indorsement.
Effect of restrictive indorsement; rights of indorsee.
Indorsement where payable to two or more persons.
Indorsement in representative capacity.
Liability of irregular indorser.
Warranty; where negotiation by delivery, et cetera.
Liability of indorser where paper negotiable by delivery.
Liability of agent or broker.
Effect of want of demand on principal debtor.
Presentment where instrument is not payable on demand.
Place of presentment.
Instrument must be exhibited.
Sec. 75. Presentment where instrument payable at bank.
When instrument dishonored by non-payment.
Liability of person secondarily liable, when instrument dishonored.
When notice need not be given to drawer.
When notice need not be given to indorser.
When person secondarily liable on, discharged.
Sec. 123. Cancellation; unintentional; burden of proof.
What constitutes a material alteration.
Bill not an assignment of funds in hands of drawee.
Inland and foreign bills of exchange.
When bill may be treated as promissory note.
When deemed to be an acceptance for honor of the drawer.
Agreement of acceptor for honor
Maturity of bill payable after sight; accepted for honor.
Presentment for payment to acceptor for honor; how made.
Dishonor of bill by acceptor for honor.
Who may make payment for honor.
Payment for honor; how made.
Declaration before payment for honor.
Preference of parties offering to pay for honor.
Effect on subsequent parties where bill is paid for honor.
Bills in sets constitute one bill.
Rights of holders where different parts are negotiated.
Liability of holder who indorses two or more parts of a set to different persons.
Be it enacted by the Legislative Assembly of the Territory of New Mexico:
NEGOTIABLE INSTRUMENTS IN GENERAL.
FORM AND INTERPRETATION.
Section 1. An instrument to be negotiable must conform to the following requirements:
I. It must be in writing and signed by the maker or drawer;
II. Must contain an unconditional promise or order to pay a sum certain in money;.
III. Must be payable on demand, or at a fixed or determinable future time;
IV. Must be payable to order or to bearer; and,
V. Where the instrument is addressed to a drawee, he
must be named or otherwise indicated therein with reasonable certainty.
Sec. 2. The sum payable is a sum certain within the meaning of this act, although it is to be paid:
I. With interest; or
II. By stated installments; or
III. By stated installments, with a provision that upon default in payment of any installment or of interest, the whole shall become due; or
IV. With exchange, whether at a fixed rate or at the current rate; or
V. With costs of collection or an attorney's fee, in case payment shall not be made at maturity.
Sec. 3. An unqualified order or promise to pay is unconditional within the meaning of this act, though coupled with:
I. An indication of a particular fund out of which reimbursement is to be made, or a particular account to be de bited with the amount; or
II. A statement of the transaction which gives rise to the instrument. But an order or promise to pay out of a parti cular fund is not unconditional.
Sec. 4. An instrument is payable at a determinable future time, within the meaning of this act, which is expressed to be payable:
I. At a fixed period after date or sight; or
II. On or before a fixed or determinable future time specified therein; or
III. 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.
Sec. 5. 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:
I. Authorizes the sale of collateral securities in case the instrument be not paid at maturity; or
II. Authorizes a confession of judgment if the instrument be not paid at maturity; or
III. Waives the benefit of any law intended for the advantage or protection of the obligor; or
IV. Gives the holder an election to require something to be done in lieu of payment of money.