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$ 63. Indorser; who deemed such; liability.- A person placing his signature upon an instrument otherwise than as maker, drawer or acceptor, is deemed to be an indorser, unless he clearly indicates by appropriate words his intention to be bound in some other capacity. (Acts 1907, Reg. Sess., c. 81.)

§ 64. Where a person, not otherwise a party to an instrument, places thereon his signature in blank before delivery, he is liable as indorser in accordance with the following rules: (1) If the instrument is payable to the order of a third person, he is liable to the payee and to all subsequent parties. (2) If the instrument is payable to the order of the maker or drawer, or is payable to bearer, he is liable to all parties subsequent to the maker or drawer. (3) If he signs for the accommodation of the payee, he is liable to all parties subsequent to the payee. (Acts 1907, Reg. Sess., c. 81.)

$ 65. Warranties of person negotiating instrument by delivery. —Every person negotiating an instrument by delivery or by a qualified indorsement, warrants (1) that the instrument is genuine and in all respects what it purports to be; (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 sub-division three of this section do not apply to persons negotiating public or corporate securities, other than bills and notes. (Acts 1907, Reg. Sess., c. 81.)

§ 66. Warranties of indorser.—Every indorser who indorses without qualification, warrants to all subsequent holders in due course, (1) the matters and things mentioned in subdivisions, 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. (Acts 1907, Reg. Sess., c. 81.)

§ 67. When liabilities of indorser incurred.—When a person places his endorsement on an instrument negotiable by delivery he incurs all the liabilities of an indorser. (Acts 1907, Rey. Sess., c. 81.)

$ 68. Order of liability of indorsers.--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 indorsers who indorse are deemed to indorse jointly and severally. (Acts 1907, Reg. Sess., c. 81.)

§ 69. Where agent negotiates instrument.—Where a broker or other agent negotiates an instrument without indorsement, he incurs all the liabilities prescribed by section sixty-five of this act, unless he discloses the name of his principal, and the fact that he is acting only as agent. (Acts 1907, Reg. Sess., c. 81.)

ARTICLE VI.-PRESENTMENT FOR PAYMENT.

$ 70. Presentment: necessity.-Presentment for payment is not necesary in order to charge the person primarily liable on the instrument; but if the instrument 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. (Acts 1907, Reg. Sess., c. 81.)

$ 71. Same: time.--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. (Acts 1907, Reg. Sess., c. 81.)

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$ 72. Same: how made.—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 ab

sent or inaccessible, to any person found at the place where the presentment is made. (Acts 1907, Reg. Sess., c. 81.)

§ 73. Same: place.—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 is presented at his last known place of business or residence. (Acts 1907, Reg. Sess., c. 81.)

$ 74. Same: exhibition and delivery of instrument. 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. (Acts 1907, Reg. Sess., c. 81.)

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§ 75. Same: instrument payable at bank.--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. (Acts 1907, Reg. Sess., c. 81.)

$ 76. Same: when person liable is dead.-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. (Acts 1907, Reg. Sess., c. 81.)

$ 77. Same: where persons liable are partners.—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. (Acts 1907, Reg. Sess., c. 81.)

$ 78. Same: where several persons not partners are liable.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. (Acts 1907, Reg. Sess., c. 81.)

§ 79. When presentment not required.-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. (Acts 1907, Reg. Sess., c. 81.)

$ 80. 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. (Acts 1907, Reg. Sess., c. 81.)

$ 81. When delay in presentment excused.-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. (Acts 1907, Reg. Sess., c. 81.)

§ 82. When presentment dispensed 'with.—Presentment for payment is dispensed with (1) where after the exercise of reasonable diligence presentment as required by this act can not be made; (2) where the drawee is a fictitious person; (3) by waiver of presentment, express or implied. (Acts 1907, Reg. Sess., c. 81.)

$. 83. What dishonor by non-payment.--The instrument is dishonored by non-payment 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. (Acts 1907, Reg. Sess., c. 81.)

§ 84. Recourse on dishonor.—Subject to the provisions of this act, when the instrument is dishonored by non-payment, an immediate right of recourse to all parties secondarily liable thereon, accrues to the holder. (Acts 1907, Reg. Sess., c. 81.)

§ 85. Day for payment. 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. (Acts 1907, Reg. Sess., c. 81.)

$ 86. Calculation of period for payment.-Where the instrument 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. (Acts 1907, Reg. Sess., c. 81.)

§ 87. Instrument payable at bank.—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. (Acts 1907, Reg. Sess., c. 81.)

§ 88. What is payment in due course.—Payment is made in due course when it is made at or after maturity of the instrument to the holder thereof in good faith and without notice that his title is defective. (Acts 1907, Reg. Sess., c. 81.)

ARTICLE VII.—NOTICE OF DISHONOR.

§ 89. To whom given.-- Except as herein otherwise provided, when a negotiable instrument has been dishonored by non-acceptance or non-payment, notice 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. (Acts 1907, Reg. Sess., c. 81.)

$ 90. By whom given; agent.—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. (Acts 1907, Reg. Sess., c. 81.)

§ 91. 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 nor. (Acts 1907, Reg. Sess., c. 81.)

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