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itself does not operate as an assignment of any part of the funds to the credit of the drawer with the bank, and the bank is not liable to the holder, unless and until it accepts or certifies the check.

TITLE IV.-GENERAL PROVISIONS.

ARTICLE I. [TITLE OF ACT.] $ 190. This act shall be known as the Negotiable Instrument Law.

[MEANING OF WORDS USED IN ACT.] $ 191. In this act, unless the context otherwise requires:

"Acceptance” means an acceptance completed by delivery or notification.

"Action” includes counter-claim and set-off.

"Bank” includes any person or association of persons carrying on the business of banking, whether incorporated or not.

“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 not.

"Value" means valuable consideration.

"Written” includes printed, and "writing" includes print.

[PERSON PRIMARILY LIABLE.] $ 192. 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.

[REASONABLE TIME.] $ 193. 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.

[TIME PRESCRIBED—SUNDAYS AND HOLIDAYS, ETC.) § 194.

Where the day, or the last day, for doing an 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.

[PROVISIONS OF ACT NOT TO APPLY TO PREVIOUSLY GIVEN INSTRUMENTS.] § 195. The provisions of this act do not apply to negotiable instruments made and delivered prior to the passage hereof.

[LAW MERCHANT TO GOVERN CASES NOT PROVIDED IN THIS ACT.] § 196. In any case not provided for in this act, the rules of the law merchant shall govern.

TWENTY-SEVENTH SUBJECT.

Guaranty and Suretyship.

BY

SHELLEY B. NELTNOR, D. C. L.

PROFESSOR OF THE LAW OF SALES, AGENCY AND NEGOTIABLE INSTRUMENTS, AT THE ILLINOIS COLLEGE OF LAW, MEMBER OY

THE CHICAGO BAR.

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