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discharged; but the party so paying it is remitted to his former rights as regards all prior parties, and he may strike out his own and all subsequent indorsements, and again negotiate the instrument; except (1) where it is payable to the order of a third person, and has been paid by the drawer; and (2) where it was made or accepted for accommodation, and has been paid by the party accommodated. (Acts 1907, Reg. Sess., c. 81.)

§ 122. Renunciation of rights by holder.—The holder may expressly renounce his rights against any party to the instrument before, at, or after its maturity. An absolute and unconditional renunciation of his rights against the principal debtor made at or after the maturity of the instrument, discharges the instrument; but a renunciation does not affect the rights of a holder in due course without notice. A renunciation must be in writing, unless the instrument is delivered up to the person primarily liable thereon. (Acts 1907, Reg. Sess., c. 81.)

$ 123. Cancellation. A cancellation made unintentionally, or under a mistake, or without the authority of the holder, is inoperative but where an instrument or any signature thereon appears to have been cancelled, the burden of proof lies on the party who alleges that the cancellation was made unintentionally or under a mistake or without authority. (Acts 1907, Reg. Sess., c. 81.)

$ 124. Material alteration.-. Where a negotiable instrument is materially altered without the assent of all parties liable thereon, it is avoided except as against the party who has himself

made, authorized or assented to the alteration and subsequent • indorsers; but when an instrument has been materially altered

and is in the hands of the holder in due course, not a party to the alteration, he may enforce payment thereof according to its original tenor. (Acts 1907, Reg. Sess., c. 81.)

§ 125. Any alteration which changes (1) the date; (2) the sum payable, either for principal or interest; (3) the time or place of payment; (4) the number or the relations of the parties; (5) the medium or currency in which payment is to be made; or which adds a place of payment where no place of payment is specified, or any other change or addition which alters the effect of the instrument in any respect, is a material alteration. (Acts 1907, Reg. Sess., c. 81.)

Title II.-Bills of Exchange.

ARTICLE 1.-FORM AND INTERPRETATION.

$ 126. Definition.A bill of exchange is an unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed, determinable future time, a sum certain in money to order or to bearer. (Acts 1907, Sess., c. 81.)

$ 127. Bill not assignment of fund.--A bill of itself does not operate as an assignment of the funds in the hands of the drawee available for the payment thereof, and the drawee is not liable on the bill unless and until he accepts the same. (Acts 1907, Reg. Sess., c. 81.)

$ 128. Bill addressed to several drawees.—A bill may be addressed to two or more drawees jointly, whether they are partners or not; but not to two or more drawees in the alternative or in succession. (Acts 1907, Reg. Sess., c. 81.)

$ 129. What are inland and foreign bills.-An inland bill of exchange is a bill which is, or on its face purports to be, both drawn and payable within this state; any other bill is a foreigu bill. Unless the contrary appears on the face of the bill, the holder may treat it as an inland bill. (Acts 1907, Reg. Sess., c. 81.)

$ 130. When bill may be treated as promissory note.

Where in a bill drawer and drawee are the same person, or where the drawee is a fictitious person, or a person not having capacity to contract, the holder may treat the instrument at his option, either as a bill of exchange or a promissory note. (Acts 1907, Reg. Sess., c. 81.)

§ 131. Referee in case of need.--The drawer of a bill and any indorser may

insert thereon the name of a person to whom the holder may resort in case of need, that is to say, in case the bill is dishonored by nonacceptance or non-payment: such person is called the referee in case of need; it is in the option of the holder to resort to the referee in case of need or not, as he may see fit. (Acts 1907, Reg. Sess., c. 81.)

ARTICLE II.-ACCEPTANCE.

$ 132. Definition and requisites.—The acceptance of a bill is the signification by the drawee of his assent to the order of the drawer; the acceptance must be in writing and signed by the drawee; it must not express that the drawee will perform his promise by any other means than the payment of money. (Acts 1907, Reg. Sess., c. 81.)

$ 133. Written acceptance on bill may be required.—The holder of a bill presenting the same for acceptance may require that the acceptance be written on the bill, and if such request is refused, may treat the bill as dishonored. (Acts 1907, Reg. Sess., c. 81.)

$ 134. Effect of separate acceptance.—Where an acceptance is written on a paper other than the bill itself, it does not bind the acceptor except in favor of a person to whom it is shown and who, on the faith thereof, receives the bill for value. (Acts 1907, Reg. Sess., c. 81.)

135. Promise to accept bill before drawn.-An unconditional promise in writing to accept a bill before it is drawn is deemed an actual acceptance in favor of every person, who, upon the faith thereof, receives the bill for value. (Acts 1907, Reg. Sess., c. 81.)

$ 136. Time for acceptance.—The drawee is allowed twentyfour hours after presentment in which to decide whether or not he will accept the bill; but the acceptance, if given, dates as of the day of presentation. (Acts 1907, Reg. Sess., c. 81.)

$ 137. Destruction or retention as an acceptance.- Where a drawee to whom a bill is delivered for acceptance destroys the same, or refuses within twenty-four hours after such delivery, or within such other period as the holder may allow, to return the bill accepted or non-accepted to the holder, he will be deemed to have accepted the same. (Acts 1907, Reg. Sess., c. 81.)

$ 138. Acceptance of bill incomplete, overdue, or dishonored.A bill may be accepted before it has been signed by the drawer, or while otherwise incomplete, or when it is overdue, or after it has been dishonored by previous refusal to accept, or by nonpayment; but when a bill payable after sight, is dishonored by non-acceptance and the drawee subsequently accepts it, the holder, in the absence of any different agreement, is entitled to have the bill accepted as of the date of the first presentment. (Acts 1907, Reg. Sess., c. 81.)

§ 139. General acceptance.—An acceptance is either general or qualified; a general acceptance assents without qualification to the order of the drawer; a qualified acceptance in express terms varies the effect of the bill as drawn. (Acts 1907, Reg. Sess., c. 81.)

140. An accptance to pay at a particular place is a general acceptance unless it expressly states that the bill is to be paid there only and not elsewhere. (Acts 1907, Reg. Sess., c. 81.)

$ 141. Qualified acceptance.-An acceptance

acceptance is qualified ; which is, (1) conditional, that is to say, which makes payment by the acceptor dependent on the fulfillment of a condition therein stated; (2) partial, that is to say, an acceptance to pay part only of the amount for which the bill is drawn; (3) local, that is to say, an acceptance to pay only at a particular place; (4) qualified as to time; (5) the acceptance of some one or more of the drawees, but not of all. (Acts 1907, Reg. Sess., c. 81.)

§ 142. The holder may refuse to take a qualified acceptance, and if he does not obtain an unqualified acceptance, he may treat the bill as dishonored by non-acceptance; where a qualified acceptance is taken, the drawer and indorsers are discharged from liability on the bill, unless they have expressly or impliedly authorized the holder to take a qualified acceptance, or subsequently assent thereto; when the drawer or an indorser receives notices of a qualified acceptance, he must within a reasonable time express his dissent to the holder, or he will be deemed to have assented thereto. (Acts 1907, Reg. Sess., c. 81.)

ARTICLE III.-PRESENTMENT FOR ACCEPTANCE.

$ 143. When necessary.- Presentment for acceptance must be made (1) where the bill is payable after sight, or in any other case where presentment for acceptance is necessary in order to fix the maturity of the instrument; or (2) where the bill

expressly stipulates that it shall be presented for acceptance; or (3) where the bill is drawn payable elsewhere than at the residence or place of business of the drawee. In no other case is presentment for acceptance necessary in order to render any party to the bill liable. (Acts 1907, Reg. Sess., c. 81.)

$ 144. Time for.—Except as herein otherwise provided, the holder of a bill which is required by the next preceding section to be presented for acceptance must either present it for acceptance or negotiate it within a reasonable time; if he fails to ao so, the drawer and all indorsers are discharged. (Acts 1907, Reg. Sess., c. 81.)

$ 145. When and to whom made.- Presentment for acceptance must be made by or on behalf of the holder at a reasonable hour, on a business day, and before the bill is overdue, to the drawee or some person authorized to accept or refuse acceptance on his behalf; and, (1) where a bill is addressed to two or more drawees who are not partners, presentment must be made to them all, unless one has authority to accept or refuse acceptance for all, in which case presentment may be made to him only; (2) where the drawee is dead, presentment may be made to his personal representative; (3) where the drawee has been adjudged a bankrupt or an insolvent, or has made an assignment for the benefit of creditors, presentment may be made to him or to his trustee or assignee. (Acts 1907, Reg. Sess., c. 81.)

$ 146. Days on which may be made.-A bill may be presented for acceptance on any day on which negotiable instruments may be presented for payment under the provisions of sections seventy-two and eighty-five of this act; when Saturday is not otherwise a holiday, presentment for acceptance may be made before twelve o'clock noon on that day. (Acts 1907, Reg. Sess., c. 81.)

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§ 147. When delay excused.—Where the holder of a bill drawn payable elsewhere than at the place of business or the residence of the drawee has not time, with the exercise of reasonable diligence, to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill of acceptance before presenting it for payment

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