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$$ 323-326, 330

Notes Given for Patent Rights, Etc.

Arts. 18, 19

$ 323. Certification of check; effect of. Where a check is certified by the bank on which it is drawn the certification is equivalent to an acceptance.

Formerly L. 1897, ch. 612, § 323, as am'd by L. 1898, ch, 336, § 29. § 324. Effect where holder of check procures it to be certified. Where the holder of a check procures it to be accepted or certified the drawer and all indorsers are discharged from liability thereon.

Formerly L. 1897, ch. 612, & 324.

325. When check operates as an assignment. A check of 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.

Formerly L. 1897, ch. 612, § 325. § 326. Recovery of forged check. No bank shall be liable to a depositor for the payment by it of a forged or raised check, ualess within one year after the return to the depositor of the voucher of such payment, such depositor shall notify the bank that the check so paid was forged or raised.

Formerly L. 1897, ch. 612, & 326, as added by L. 1904, ch. 287, § 1.

ARTICLE 19 Notes Given for Patent Rights and for

a Speculative Consideration Section 330. Negotiable instruments given for patent rights. 331. Negotiable instruments given for a speculative con

sideration. 332. How negotiable bonds are made non-negotiable. $ 330. Negotiable instruments given for patent rights. A promissory note or other negotiable instrument, the consideration of which consists wholly or partly of the right to make, use or sell any invention claimed or represented by the vendor at the time of sale to be patented, must contain the words given for a patent right” prominently and legibly written or printed on the face of such note or instrument above the signature thereto; and such note or instrument in the hands of any purchaser or holder is subject to the same defenses as in the hands of the original holder; but this section does not apply to a

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Laws Repealed; When to Take Effect.

$$ 331, 332

Arts. 19, 20

negotiable instrument given solely for the purchase price or the use of a patented article.

Formerly L. 1897, ch. 612, & 330. § 331. Negotiable instruments given for a speculative consideration. If the consideration of a promissory note or other negotiable instrument consists in whole or in part of the purchase price of any farm product, at a price greater by at least four times than the fair market value of the same product at the time in the locality, or of the membership and rights in an association, company or combination to produce or sell any farm product at a fictitious rate, or of a contract or bond to purchase or sell any farm product at a price greater by four times than the market value of the same product at the time in the locality, the words, “given for a speculative consideration,” or other words clearly showing the nature of the consideration must be prominently and legibly written or printed on the face of such note or instrument above the signature thereof; and such note or instrument, in the hands of any purchaser or holder, is subject to the same defenses as in the hands of the original owner or holder.

Formerly L. 1897, ch. 612, $ 331. § 332. How negotiable bonds are made non-negotiable. The owner or holder of any corporate or municipal bond or obligation (except such as are designated to circulate as money, payable to bearer), heretofore or hereafter issued in and payable in this state, but not registered in pursuance of any state law, may make such bond or obligation, or the interest coupon accompanying the same, non-negotiable, by cubscribing his name to a statement indorsed thereon, that such bond, obligation or coupon is his property; and thereon the principal sum therein inentioned is payable only to such owner or holder, or his legal representatives or assigns, unless such bond, obligation or coupon be transferred by indorsement in blank, or payable to bearer, or to order, with the addition of the assignor's place of residence.

Formerly L. 1897, ch. 612, $ 332.

ARTICLE 20

Laws Repealed; When to Take Effect

Section 340. Laws repealed.

341. When to take effect.

88 340, 341

Laws Repealed; When to Take Effect.

Art. 20

§ 340. Laws repealed. Of the laws enumerated in the schedule hereto annexed, that portion specified in the last column is hereby repealed.

Formerly L. 1897, ch. 612, & 340. § 341. When to take effect. This chapter shall take effect immediately.

Formerly L. 1897, ch. 612, 8 341.

SCHEDULE OF Laws REPEALED. Revised Statutes. ... Part 2, chapter 4, title 2, ......

.... All

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PARTNERSHIP LAW

L. 1909, Ch. 44. “An Act in relation to partnership, constitut

ing chapter thirty-nine of the Consolidated Laws."

(In effect February 17, 1909.)
CHAPTER 39 OF THE CONSOLIDATED LAWS

[Formerly L. 1897, Ch. 420, being chapter 51 of the General Laws.]

Article 1. Short title; definitions (S$ 1-4).

2. General provisions ($$ 5–7).
3. Business and partnership names (S$ 20–22).
4. Limited partnerships (S$ 30—42).
5. Laws repealed; when to take effect (S$ 50, 51).

ARTICLE 1

Short Title; Definitions
Section 1. Short title.

2. Partnership defined.
3. General partnership.

4. Limited partnership. § 1. Short title. This chapter shall be known as the “Partnership Law.

Formerly L. 1897, ch. 420, § 1. § 2. Partnership defined. A partnership, as between the members thereof, is the association, not incorporated, of two or more persons who have agreed to combine their labor, property and skill, or some of them, for the purpose of engaging in any lawful trade or business, and sharing the profits and losses, as such, between them.

Formerly L. 1897, ch. 420, $ 2.

Explanation.— For location and disposition of former sections of the Partnership Law see L. 1897, Ch. 420, in “ Consolidated Schedule of Repeals," Vol. 7.

$$ 3–7, 20 General Provisions — Business and Partnership Names. Arts. 1-3

§ 3. General partnership. A partnership formed otherwise than in the manner prescribed in this chapter for the formation of a limited partnership, is a general partnership.

Formerly L. 1897, ch. 420, $ 3. § 4. Limited partnership. A limited partnership consists of one or more persons called general partners, and also one or more persons called special partners.

Formerly L. 1897, ch. 420, $ 4.

ARTICLE 2

General Provisions Section 5. Authority of general partner,

6. Liability of general partner.

7. Liability of special partner. § 5. Authority of general partner. Every general partner is agent for the partnership in the transaction of its business, and has authority to do whatever is necessary to carry on such business in the ordinary manner.

Formerly L. 1897, ch. 420, g 5. 8 6. Liability of general partner. Every general partner is liable to third persons for all the obligations of the partner ship, jointly and severally with his general copartners.

Formerly L. 1897, ch. 420, $ 6. § 7. Liability of special partner. A special partner, except as declared in this chapter, is liable for the obligations of the limited partnership only to the amount of the capital invested by him therein.

Formerly L. 1897, ch. 420, $ 7.

ARTICLE 3
Business and Partnership Names
Section 20. When partnership or business name may be con-

tinued.
21. Certificate to be filed and recorded; clerk's fees.

22. Fictitious firm names prohibited. 8 20. When partnership or business name may be continued. The use of a partnership or a business name may be continued in either of the following cases:

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