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(2) That he has a good title to it;
(3) That all prior parties had capacity to contract;

(4) That he has no knowledge of any fact which would impair the validity of the instrument or render it valueless.

But when the negotiation is by delivery only, the warranty extends in favor of no holder other than the immediate transferee.

The provisions of subdivision three of this section do not apply to persons negotiating public or corporation securities, other than bills and notes. 1917--1542.

3147. Every indorser who indorses without qualification, warrants to all subsequent holders in due course

(1) The matters and things mentioned in subdivision one, two and three of the next preceding section; and

(2) That the instrument is at the time of his indorsement valid and subsisting.

And, in addition, he engages that on due presentment, it shall be accepted or paid, or both, as the case may be, according to its tenor, and that if it be dishonored, and the necessary proceedings on dishonor be duly taken, he will pay the amount thereof to the holder, or to any subsequent indorser who may be compelled to pay it. 1917–1542.

3148. Where a person places his indorsement on an instrument negotiable by delivery he incurs all the liabilities of an indorser. 1917–1543.

3149. As respects one another indorsers are liable prima facie in the order in which they indorse; but evidence is admissible to show that as between or among themselves they have agreed otherwise. Joint payees or joint indorsees who indorse are deemed to indorse jointly and severally. 1921–214.

3150. Where a broker or other agent negotiates an instrument without indorsement he incurs all the liabilities prescribed by section three thousand one hundred forty-seven, unless he discloses the name of his principal, and the fact that he is acting only as agent. 1917–1543.

ARTICLE VI.

Presentment for Payment. Section

Section 3151. Effect of want of demand 3161. When presentment not reon principal debtor.

quired to charge the in3152. Presentment where instu

dorser. ment is not payable on de- 3162. When delay in making premand and where payable on sentment is excused. . demand.

3163. When presentment may be 3153. What constitutes a sufficient dispensed with. presentment.

3164. When instrument dishonor3154. Place of presentment.

ed by nonpayment. 3155. Instrument must be exhibit. 3165. Liability of person seconded.

arily liable, when instru3156. Presentment where instru ment dishonored.

ment payable at bank. 3166. Time of maturity. 3157. Presentment where princi- 3167. Time; how computed. pal debtor is dead.

3168. Rule where instrument pay3158. Presentment to persons

able at bank. liable as partners.

3169. What constitutes payment 3159. Presentment to joint debt in due course.

ors.
3160. When presentment not re-

quired to charge the draw-
er.

3151. Presentment for payment is not necessary in order to charge

is, by its terms, payable at a special place, and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to a tender of payment upon his part. But except as herein otherwise provided, presentment for payment is necessary in order to charge the drawer and indorsers. 1917--1543.

3152. Where the instrument is not payable on demand, presentment must be made on the day it falls due. Where it is payable on demand, presentment must be made within a reasonable time after its issue, except that in the case of a bill of exchange, presentment for payment will be sufficient if made within a reasonable time after the last negotiation thereof. 1917–1543.

3153. Presentment for payment, to be sufficient, must be made

(1) By the holder or by some person authorized to receive payment on his behalf;

(2) At a reasonable hour on a business day; (3) At a proper place as herein defined;

(4) To the person primarily liable on the instrument or if he is absent or inaccessible, to any person found at the place where the presentment is made. 1917–1544.

3154. Presentment for payment is made at the proper place

(1) Where a place of payment is specified in the instrument and it is there presented;

(2) Where no place of payment is specified, but the address of the person to make payment is given in the instrument and it is there presented;

(3) Where no place of payment is specified and no address is given and the instrument is presented at the usual place of business or residence of the person to make payment;

(4) In any other case if presented to the person to make payment wherever he can be found, or if presented at his last known place of business or residence. 1917–1544.

3155. The instrument must be exhibited to the person from whom payment is demanded, and when it is paid must be delivered up to the party paying it. 1917–1544.

3156. Where the instrument is payable at a bank, presentment for payment must be made during banking hours, unless the person to make payment has no funds there to meet it at any time during the day, in which case presentment at any hour before the bank is closed on that day is sufficient. 1917–1544.

3157. Where the person primarily liable on the instrument is dead, and no place of payment is specified, presentment for payment must be made to his personal representative if such there be, and if, with the exercise of reasonable diligence, he can be found. 1921-214.

3158. Where the persons primarily liable on the instrument are liable as partners, and no place of payment is specified, presentment for payment may be made to any one of them, even though there has been a dissolution of the firm. 1917–1544.

3159. Where there are several persons, not partners, primarily liable on the instrument, and no place of payment is specified, presentment must be made to them all. 1917–1544.

3160. Presentment for payment is not required in order to charge the drawer where he has no right to expect or require that the drawee or acceptor will pay the instrument. 1917–1544.

3161. Presentment for payment is not required in order to charge an indorser where the instrument was made or accepted for his accommodation and he has no reason to expect that the instrument will be paid if presented. 1917–1544.

3162. Delay in making presentment for payment is excused when the delay is caused by circumstances beyond the control of the holder, and not imputable to his default, misconduct or negligence. When the cause of delay ceases to operate, presentment must be made with reasonable diligence. 1917–1545.

3163. Presentment for payment is dispensed with

(1) Where after the exercise of reasonable diligence presentment as required by this title can not be made;

(2) Where the drawee is a fictitious person; (3) By waiver of presentment, express or implied. 1917–1545.

3164. The instrument is dishonored by nonpayment when

(1) It is duly presented for payment and payment is refused or can not be obtained; or

(2) Presentment is excused and the instrument is overdue and unpaid. 1917–1545.

3165. Subject to the provisions of this title, when the instrument is dishonored by nonpayment, an immediate right of recourse to all parties secondarily liable thereon accrues to the holder. 1917–1545.

3166. Every negotiable instrument is payable at the time fixed therein without grace. When the day of maturity falls upon Sunday, or a holiday, the instrument is payable on the next succeeding business day. Instruments falling due on Saturday are to be presented for payment on the next succeeding business day, except that instruments payable on demand may, at the option of the holder, be presented for payment before twelve o'clock noon on Saturday when that entire day is not a holiday. 1921—214.

3167. Where the instrument is payable at a fixed period after date, after sight, or after the happening of a specified event, the time of payment is determined by excluding the day from which the time is to begin to run, and by including the date of payment. 1917–1545.

3168. Where the instrument is made payable at a bank it is equivalent to an order to the bank to pay the same for the account of the principal debtor thereon. 1917–1545.

3169. Payment is made in due course when it is made at or after the maturity of the instrument to the holder thereof in good faith and without notice that his title is defective. 1917–1545.

ARTICLE VII.

Notice of Dishonor. Section

Section 3170. To whom notice of dishonor 3186. When sender deemed to must be given.

have given due notice. 3171. By whom given.

3187. Deposit in post office; what 3172. Notice given by agent.

constitutes. 3173. Effect of notice given on 3188. Notice to subsequent party. behalf of holder.

3189. Where notice must be sent. 3174. Effect where notice is given 3190. Waiver of notice.

by party entitled thereto. 3191. Whom affected by waiver. 3175. When agent may give no- 3192. Waiver of protest. tice.

3193. When notice is dispensed 3176. When notice sufficient.

with. 3177. Form of notice.

3194. Delay in giving notice; how 3178. To whom notice may be

excused. given.

3195. When notice need not be 3179. Notice where party is dead. given to drawer. 3180. Notice to partners.

3196. When notice need not be 3181. Notice to persons joint

given to indorser. liable.

3197. Notice of nonpayment where 3182. Notice to bankrupt.

acceptance refused. 3183. Time within which notice 3198. Effect of omission to give must be given.

notice of nonacceptance. 3184. Where parties reside in 3199. When protest need not be same place.

made; when must be made. 3185. Where parties reside in dif

ferent places.

ly

3170. Except as herein otherwise provided, when a negotiable instrument has been dishonored by nonacceptance or nonpayment, no

tice of dishonor must be given to the drawer and to each indorser, and any drawer or indorser to whom such notice is not given is discharged. 1917–1546.

3171. The notice may be given by or on behalf of the holder, or by or on behalf of any party to the instrument who might be compelled to pay it to the holder, and who upon taking it up would have a right to reimbursement from the party to whom the notice is given. 1917–1546.

3172. Notice of dishonor may be given by an agent either in his own name or in the name of any party entitled to give notice, whether that party be his principal or not. 1921-214.

3173. Where notice is given by or on behalf of the holder, it inures for the benefit of all subsequent holders and all prior parties who have a right of recourse against the party to whom it is given. 1917–1546.

3174. Where notice is given by or on behalf of a party entitled to give notice, it inures for the benefit of the holder and all parties subsequent to the party to whom notice is given. 1917–1546.

3175. Where the instrument has been dishonored in the hands of an agent, he may either himself give notice to the parties liable thereon, or he may give notice to his principal. If he give notice to his principal, he must do so within the same time as if he were the holder, and the principal upon the receipt of such notice has himself the same time for giving notice as if the agent had been an independent holder. 1917–1546.

3176. A written notice need not be signed, and an insufficient written notice may be supplemented and validated by verbal communication. A misdescription of the instrument does not vitiate the notice unless the party to whom the notice is given is in fact misled thereby. 1917--1547

3177. The notice may be in writing or merely oral and may be given in any terms which sufficiently identify the instrument, and indicate that it has been dishonored by nonacceptance or nonpayment. It may in all cases be given by delivering it personally or through the mails. 1917—1547.

3178. Notice of dishonor may be given either to the party himself or to his agent in that behalf. 1917--1547.

3179. When any party is dead and his death is known to the party giving notice, the notice must be given to a personal representative, if there be one, and if with reasonable diligence he can be found. If there be no personal representative, notice may be sent to the last residence or last place of business of the deceased, 1917 -1547.

3180. Where the parties to be notified are partners, notice to any one partner is notice to the firm even though there has been a dissolution. 1917--1547.

3181. Notice to joint parties who are not partners must be given to each of them, unless one of them has authority to receive such notice for the others. 1917--1547.

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