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$ 16. Checks
a. Definition
b. Distinction between checks and bills of exchange.
8 17. Bills of lading
b. Negotiability
8 18. Letters of credit...
a. Definition and nature
b. Classification ...
c. Effect of letters of credit
$ 19. Bonds and coupons..
§ 20. Certificates of stock..
PAGE.
28
30
33
35
36
37
38
CHAPTER II.
PARTIES AND THEIR CAPACITY
... 42–160
A. INCAPACITY OF PARTIES.
$ 21. General statement
a. Early restriction on parties.
b. Power to contract..
$ 22. Infants
a. Validity of contracts.
b. Obligation of persons dealing with infants.
c. Contracts for necessaries.....
d. Commercial paper of infants.
e. Note or bill for necessaries..
f. Rights of infant as payee and indorsee.
g. Ratification after infant becomes of age.
h. What constitutes ratification .
§ 23. Persons of unsound mind...
a. In general
b. Presumption of sanity; notice.
c. Contracts for necessaries...
d. Bills and notes by persons of unsound mind...
e. Indorsement by insane person; rights of innocent holder..
§ 24. Intoxicated persons
a. Contracts generally
b. Promissory notes and bills of exchange.
$ 25. Married women
42
43
45
46
47
48
50
51
52
55
56
57
58
59
61
61 72
a. Under the common law.
b. Enabling statutes
c. Bills and notes of married women generally.
d. Indorsement by married women..
e. Reduction into possession ...
f. Joint notes of husband and wife..
§ 26. Alien enemies
62
65
66
67
68
69
70
B. PERSONS ACTING IN FIDUCIARY CAPACITY.
$ 27. Executors and administrators.
71
a. In general ...
b. Bills and notes by executors and administrators..
c. Rights of executors and administrators as to bills and notes
of decedents
74
d. Indorsement by executor or administrator.
75
e. Presentment for payment, notices, etc...
76
f. Acts of one of two or more executors...
77
g. Note due from administrator or executor.
78
$ 28. Trustees, guardians, committees, etc.....
79
C. PERSONS ACTING IN REPRESENTATIVE CAPACITY.
§ 29. Agents
80
b. Authority to make notes and accept bills.
81
c. Liability of person signing as agent..
82
(1) Statutory provision
(2) Liability in general....
83
(3) How representative capacity to be indicated...
86
(4) Disclosure of name of principal in body of instrument... 89
(5) Parol evidence admissible to show intent.
93
d. Signature by procuration; effect of....
98
e. Liability of agent indorsing negotiable paper, or drawing bill
of exchange
99
f. Negotiable instruments by public agents.
102
§ 30. Partners
104
a. In general; what constitutes a partnership.....
b. Authority of one partner to execute commercial paper in name
of firm ...
107
c. Presumption in favor of validity of partnership paper executed
by one partner.....
109
d. Commercial paper of trading and nontrading partnerships... 112
e. Rights of bona fide holder...
115
f. Signing firm name for accommodation or security.....
118
g. Negotiable paper in payment of individual debts of partner.. 123
h. Partnership paper in name of individual member...
124
i. Commercial paper given by partner for use of firm..
126
j. Liability of dormant partner.
128
k. Effect of dissolution.....
129
1. Notice of dishonor; presentment.
132
§ 31. Corporations
a. Power to execute commercial paper.
b. Defense of ultra vires......
135
c. Power to make or indorse for accommodation......
136
d. Presumption in favor of validity of corporation paper
137
e. Power of officers to issue commercial paper...
138
f. Power of officers to transfer commercial paper.
143
g. Form of notes and bills by corporations; form of indorsement. 145 § 32. Municipal corporations
a. Power to contract
b. Power to borrow money
c. Power to issue negotiable instruments
d. Power of officers to issue negotiable instruments
147
148
152
157
CHAPTER III.
FORM AND REQUISITES
161-270
168
§ 33. Statutory provision as to form
161
§ 34. Instrument must be in writing; signature
162
a. Must be in writing
b. Signature.
c. Ratification of unauthorized signature
166
$ 35. Promise or order to pay
b. Promise to pay
169
c. Order to pay.
174
§ 36. Promise or order to pay must be unconditional
175
b. Examples of conditional promises
177
c. When order or promise is unconditional; statutory provision.. 182
d. Order or promise to pay out of a particular fund
186
$ 37. Must be payable in money
188
b. Definitions; money; currency; legal tender
190
c. Instruments payable in current funds or currency
191
d. Payable in foreign money
194
e. Payment in money optional .
195
f. Act in addition to payment of money
196
$ 38. Certainty as to sum
198
b. What constitutes certainty as to sum; statutory provision 199
c. Payment of interest
199
d. Payment in installments
201
e. Provision for exchange
202
f. Costs of collection and attorney's fees
204
§ 39. Time of payment
208
b. Payment in installments
209
c. Payable on demand; statutory provision
d. Instruments expressing no time for payment
210
e. Instruments indorsed when overdue
212
$39. Time of payment — (Continued).
f. What constitutes determinable future time; statutory provision. 212
g. Instrument payable at fixed period after date or sight
213
h. Instrument payable on or before a certain date
214
i. Instrument payable at a fixed time after a specified event. 218
j. Instrument payable upon a contingency ..
219
k. Instrument payable on day certain, or on happening of event.. 220
1. Effect of provision for extension of time
220
$ 40. Instrument must be payable to order or bearer
221
b. What are words of negotiability
222
c. When payable to order
223
(2) Instrument payable to drawer or maker
224
(3) Instrument drawn by agent, officer, or partner
225
(4) Instrument payable to order of drawee
226
(5) Instrument payable to joint payees
227
(6) Instrument payable to one or some of several payees
(7) Instrument payable to holder of an office for time being.. 228
(8) Payee to be indicated with reasonable certainty
228
d. When payable to bearer
231
(2) Instrument made expressly payable to bearer..
(3) Instrument payable to order of fictitious person.
(4) When name of payee does not purport to be that of any
person
233
(5) When only a last indorsement is in blank
§ 41. Additional provisions not affecting negotiability.
234
a. Statutory provision
b. Provision authorizing sale of collaterals
235
c. Provision authorizing confession of judgment
238
d. Waiver of benefits of a law intended for protection of obligor. 239
e. Option with holder requiring something in lieu of money. 240
§ 42. Omissions not affecting validity and negotiability....
241
b. Necessity of date
c. Use of words “for value received,” or equivalent
242
d. Omission of place of execution or payment
243
$ 43. Instruments bearing seal
244
a. General rule
b. Statutory rule
245
§ 44. Date of instrument
a. In general ....
b. Presumption as to date; statutory provision
246
c. Ante and post-dated instruments....
d. When date may be inserted; statutory provision
248
$ 45. Completion of imperfect instrument by holder and effect thereof.... 249
249
b. Statutory provision
253
c. Incomplete instrument not delivered
$ 46. Delivery
254
b. Necessity of delivery
255
c. What constitutes delivery
256
d. Mode of delivery
257
(1) In general
(2) Conditional delivery
258
e. Presumption of valid delivery
260
(1) Conclusive as to holder in due course
f. Presumption of intentional delivery by placing signature on in-
strument
261
§ 47. Construction when instrument is ambiguous
262
b. Discrepancy between words and figures expressing amount 262
c. When interest begins to run if no date is specified
264
d. Failure to date
265
e. Conflict between written and printed provisions
f. Doubt as to whether instrument is bill or note
266
g. When person deemed indorser
h. Words “I promise to pay" in instrument signed by two or
more persons
267
§ 48. Liability of person signing in trade or assumed name
268
b. Reason and application of rule
269
CHAPTER IV.
CONSIDERATION
271-315
$ 49. Necessity of consideration
271
a. In general ........
b. Want or failure of consideration as a defense
272
c. Statutory rule as to absence or failure of consideration
275
d. Requirement of consideration in case of acceptance or indorse-
ment
$ 50. Sufficiency of consideration
277
a. Consideration must be valuable
b. Statutory provision as to valuable consideration
c. Adequacy
278
d. Where rights, interests, or property are valueless
279
e. Exchange of commercial paper
281
f. Love and affection