Thus an extension of time granted to the principal debtor, discharges an indorser (Platt vs. Stark, 2 Hilt., 399; Kelty vs. Jenkins, 1 id., 73; Wood vs. Jefferson Co. Bank, 9 Cow., 194; Hubbly vs. Brown, 16 Johns., 70; Myers vs. Welles, 5 Hill, 463; Dundas vs. Sterling, 5 Penn. St., 73; Sargent vs. Mason, 6 Mass., 85; Moss vs. Hall, 5 Exch., 46), and a release of an indorser discharges subsequent indorsers (Newcomb vs. Raynor, 21 Wend., 108). An indorser in the ordinary course of business has not the rights of a surety (Pitts vs. Congdon, 2 N. Y., 352; Hurd vs. Little, 12 Mass., 503; see Pring vs. Clarkson, 1 B. & C., 14). N. Y. C. C., Sec. 1741. SEC. 3122. One who indorses a negotiable instrument, at the request and for the accommodation of another party to the instrument, has all the rights of a surety, as defined by the chapter on Suretyship, and is oxonerated in like manner, in respect to every one having notice of the facts, except that he is not entitled to contribution from subsequent indorsers. N. Y. C. C., Sec. 1742. SEC. 3123. The want of consideration for the undertaking of a maker, acceptor or indorser of a negotiable instrument, does not exonerate him from liability thereon to an indorsee in good faith for a consideration. N. Y. C. C., Sec. 1743. SEC. 3124. An indorsee in due course is one who, in good faith, in the ordinary course of business, and for value, before its apparent maturity or presumptive dishonor, and without knowledge of its actual dishonor, acquires a negotiable instrument duly indorsed to him, or indorsed generally, or payable to the bearer. N. Y. C. C., Sec. 1744. SEC. 3125. An indorsee of a negotiable instrument, in due course, acquires an absolute title thereto, so that it is valid in his hands, notwithstanding any provision of law making it generally void or voidable, and notwithstanding any defect in the title of the person from whom be acquired it. N. Y. C. C., Sec. 1745. NOTE.-Sec. 368, Code of Civil Procedure, must be reconstructed to harmonize with this subject; also with Sec. 1459 of this Code. See, also, Vinton vs. Crowe, 4 Cal., 309. Rights of tion indorser accommoda Effect of sideration. want of con Indorsee in what. due course, Rights of indorsee in due course. Instrument left blank. SEC. 3126. One who makes himself a party to an instrument intended to be negotiable, but which is left wholly or partly in blank, for the purpose of filling afterwards, is. liable upon the instrument to an indorsee thereof in due course, in whatever manner and at whatever time it may be filled, so long as it remains negotiable in form. N. Y. C. C., Sec. 1746. ARTICLE IV. PRESENTMENT FOR PAYMENT. Effect of want of de mand on principal debtor. Present. ment, how made. SECTION 3130. Effect of want of demand on principal debtor. 3131. Presentment, how made. 3132. Apparent maturity, when. 3133. Presumptive dishonor of bill, payable after sight. 3134. Apparent maturity of bill, payable at sight. 3135. Apparent maturity of note. 3136. Same. 3137. Surrender of instrument, when a condition of payment. SEC. 3130. It is not necessary to make a demand of payment upon the principal debtor in a negotiable instrument in order to charge him; but if the instrument is by its terms payable at a specified place, and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to an offer of payment upon his part. N. Y. C. C., Sec. 1747. SEC. 3131. Presentment of a negotiable instrument for payment, when necessary, must be made as follows, as nearly as by reasonable diligence it is practicable: 1. The instrument must be presented by the holder. 2. The instrument must be presented to the principal debtor, if he can be found at the place where presentment should be made; and if not, then it must be pre sented to some other person of discretion, if one can be found there; and if not, then it must be presented to a Notary Public within the State. 3. An instrument which specifies a place for its payment must be presented there; and if the place specified includes more than one house, then at the place of resi dence or business of the principal debtor, if it can be found therein. 4. An instrument which does not specify a place for its payment must be presented at the place of residence or business of the principal debtor, or wherever he may be found, at the option of the presentor; and, 5. The instrument must be presented upon the day of its apparent maturity, or, if it is payable on demand, at any time before its apparent maturity, within reasonable hours, and, if it is payable at a banking house, within the usual banking hours of the vicinity; but, by the consent of the person to whom it should be presented, it may be presented at any hour of the day. N. Y. C. C., Scc. 1748. maturity, SEC 3132. The apparent maturity of a negotiable in- Apparent strument, payable at a particular time, is the day on when. which, by its terms, it becomes due; or, when that is a holiday, the next business day. Salter vs. Burt, 20 Wend., 205; see Campbell vs. International Assurance Company, 4 Bosw., 298. If the recommendation of the Commissioners in regard to days of grace is not adopted (see Sec. 1781), it will be necessary to add to this section: The usual days of grace are to be added." N. Y. C. C., Sec. 1749. SEC. 3133. A bill of exchange, payable at a certain time after sight, which is not accepted within ten days after its date, in addition to the time which would suffice, with ordinary diligence, to forward it for acceptance, is presumed to have been dishonored. It is very desirable that the term at the end of which a bill may be presumed to be dishonored should be fixed. The decisions are conflicting and unsatisfactory. The Commissioners have simply suggested periods which seem reasonable, but do not attach any importance to the particular terms proposed. N. Y. C. C., Sec. 1750. SEC. 3134. The apparent maturity of a bill of exchange, Apparent payable at sight or on demand, is 1. If it bears interest, one year after its date; or, 2. If it does not bear interest, ten days after its date, in addition to the time which would suffice, with ordinary diligence, to forward it for acceptance. N. Y. C. C., Sec. 1751. maturity of bill, payable at sight. SEC. 3135. The apparent maturity of a promissory Apparent note, payable at sight or on demand, is maturity of note. Same. Surrender of instrument, when a condition of payment. 1. If it bears interest, one year after its date; or, It is doubtful whether a demand note bearing interest has any "apparent maturity," unless it is known to be dishonored (see Merritt vs. Todd, 23 N. Y., 28; Brooks vs. Mitchell, 9 M. & W., 15; Wethey vs. Andrews, 3 Hill, 582; compare Sice vs. Cunningham, 1 Cow., 397; Losee vs. Dunkin, 7 Johns., 70). N. Y. C. C., Sec. 1752. SEC. 3136. Where a promissory note is payable at a certain time after sight or demand, such time is to be added to the periods mentioned in the last section. N. Y. C. C., Sec. 1753. SEC. 3137. A party to a negotiable instrument may require, as a condition concurrent to its payment by him— 1. That the instrument be surrendered to him, unless it is lost or destroyed, or the holder has other claims upon it; or, 2. If the holder has a right to retain the instrument, and does retain it, then that a receipt for the amount paid, or an exoneration of the party paying, be written there on; or, 3. If the instrument is lost, then that the holder give to him a bond, executed by himself and two sufficient sureties, to indemnify him against any lawful claim thereon; or, 4. If the instrument is destroyed, then that proof of its destruction be given to him. N. Y. C. C., Sec. 1754. ARTICLE V. DISHONOR OF NEGOTIABLE INSTRUMENTS. SECTION 3141. Dishonor, what. 3142. Notice, by whom given. 3143. Form of notice. 3144. Notice, how served. 3145. Notice, how served after indorser's death. 3146. Notice given in ignorance of death, valid. 3147. Notice, when to be given. 3148. Notice of dishonor, when to be mailed. 3149. Notice, how given by agent. 3150. Additional time for notice by indorser. 3151. Effect of notice of dishonor. what. SEC. 3141. A negotiable instrument is dishonored, Dishonor, when it is either, not paid, or not accepted, according to its tenor, on presentment for the purpose, or without presentment, where that is excused. N. Y. C. C., Sec. 1755. whom given. SEC. 3142. Notice of the dishonor of a negotiable in- Notice, by strument may be given 1. By a holder thereof; or, 2. By any party to the instrument who might be compelled to pay it to the holder, and who would, upon taking it up, have a right to reimbursement from the party to whom the notice is given. N. Y. C. C., Sec. 1756. notice. SEC. 3143. A notice of dishonor may be given in any Form of form which describes the instrument with reasonable certainty, and substantially informs the party receiving it that the instrument has been dishonored. N. Y. C. C., Sec. 1757. SEC. 3144. A notice of dishonor may be given 1. By delivering it to the party to be charged, personally, at any place; or, 2. By delivering it to some person of discretion at the place of residence or business of such party, apparently acting for him; or, 3. By properly folding the notice, directing it to the party to be charged, at his place of residence, according to the best information that the person giving the notice can obtain, depositing it in the Post-office most conveniently accessible from the place where the presentment was made, and paying the postage thereon. N. Y. C. C., Sec. 1758. Notice, how served. served after indorser's death. SEC. 3145. In case of the death of a party to whom Notice, how notice of dishonor should otherwise be given, the notice must be given to one of his personal representatives; or, if there are none, then to any member of his family who resided with him at his death; or, if there is none, then it must be mailed to his last place of residence, as prescribed by Subd. 3 of the last section. Modified from Story on Notes, Sec. 310, in which it is said that notice should be left at the domicile of the de |