8 321. Check defined.—A check is a bill of exchange drawn on a bank payable on demand. Except as herein otherwise provided, the provisions of this act applicable to a bill of exchange payable on demand apply to a check. § 322. Within what time a check must be presented.-A check must be presented for payment within a reasonable time after its issue or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay. 8323. 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. (As amended by chap. 336 of 1898, § 29.) § 324. Effect where the 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. 8325. 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. ARTICLE XVIII. NOTES GIVEN FOR A PATENT RIGHTS AND FOR A SPECULATIVE CONSIDERATION. SECTION 330. Negotiable instruments given for patent rights. 331. Negotiable instruments given for a speculative consideration. 332. How negotiable bonds are made non-negotiable. 8 330. 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 negotiable instrument given solely for the purchase price or the use of a patented article. § 331. Negotiable instrument 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. $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 registerad in pursuance of any state law, may make such bond or obligation, or the interest coupon accompanying the same, non-negotiable, by subscribing his name to a statement indorsed thereon, that such bond, obligation or coupon is his property; and thereon the principal sum therein mentioned 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. ARTICLE XIX. LAWS REPEALED; WHEN TO TAKE EFFECT. SECTION 340. Laws repealed. 341. When to take effect. § 340. Laws repealed. The laws or parts thereof specified in the schedule hereto annexed are hereby repealed. 8341. When to take effect.-This chapter shall take effect on the first day of October, eighteen hundred and ninety-seven. Schedule of Laws Repealed. SCHEDULE OF LAWS REPEALED. Revised Statutes. R. S., pt. II, ch. 4, tit. II........ Sections. LAWS OF 1835.... 141.... All.... 1857.... 416.... All.... 1865.... 309.... All.... 1870.... 438.... All.... Sections. Subject matter. Notice of protest; how given. Protest of foreign bills, etc. 1871.... 84.... All.... Negotiable bonds; how made non-negotiable. 1873.... 595.... All.... Negotiable bonds; how made ne gotiable. 1877.... 65.... 1,3.... Negotiable instruments given for patent rights. 1887.... 461.... All.... Effect of holidays upon payment of commercial paper. 1888.... 229.... All.... One hundreth anniversary of the inauguration of George Washington. 1891.... 262.... I.... Negotiable instruments given for a speculative consideration. 1894.... 607.... All.... Days of grace abolished. CHAPTER LI OF THE GENERAL LAWS. [CHAP. 420 OF 1897.] THE PARTNERSHIP LAW. ARTICLE I. General provisions (§§ 1-7). II. Business and partnership names (§§ 20-21 IV. Laws repealed; when to take effect (§§ 50–51). SECTION 1. Short title. ARTICLE I. GENERAL PROVISIONS. 2. Partnership defined. 4. Limited partnership. 5. Authority of general partner. SECTION 1. Short title.-This chapter shall be known as the partnership law. § 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. § 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. § 4. Limited partnership.-A limited partnership consists of one or more persons, called general partners, and also one or more persons called special partners. § 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. Business and Partnership Names. §§ 6-20 § 6. Liability of general partner.-Every general partner is liable to third persons for all the obligations of the partnership, jointly and severally with his general co-partners. 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. ARTICLE II. BUSINESS AND PARTNERSHIP NAMES. SECTION 20. When business or partnership name may be continued. 21. Certificate to be filed and recorded; clerk's fees. § 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: I. Where the business of any firm or partnership in this state, having business relations with foreign countries or which has transacted business in this state for not less than three years, continues to be conducted by some or any of the partners, their assignees or appointees; 2. Where a majority of the members, general or special, of a general or limited partnership formed under the laws of this state, or of the stockholders of any corporation, domestic or foreign, which may theretofore have carried on its business within this state, and where said general or limited partnership or corporation has discontinued or shall be about to discontinue its business within the state, and where a majority of the partners, general or special, in either of such last mentioned co-partnerships or of the survivors thereof shall be members of the new limited co-partnership, or where a majority of the members of such co-partnership theretofore existing or of the surviving members thereof or of the stockholders of such corporation shall consent in writing to the use of such firm or corporate name by the new limited partnership; or 3. Where any resident of this state dies, who at the time of his death and for at least five years immediately prior thereto, conducted and carried on in his sole name, any business in this state, or who at the time of his death, so conducted and carried on any business having relation with other states or foreign countries, the |