TITLE 39.

MONEY AND INTEREST.

As Amended 1897-8, p. 372. Previous

Amendment 1895-6, p. 154. 92 Va. 446.

Reverses

88 Va. 674.

CHAPTER CXXX.

OF MONEY AND INTEREST.

Sec. 2816. [91 Va 438.]

Sec. 2817. [83 Va. 659; 85 Va. 390, 621; 92 Va. 446; 1 Va. L. R. 750.] Sec. 2818. [85 Va. 621; 88 Va. 674, 1007; 91 Va. 652; 92 Va. 446; 1 Va. L. R. 363.]

Sec. 2821. [92 Va. 446; Va. L. R. 750 ]

Sec. 2822. [88 Va. 1007; 92 Va. 446; 1 Va. L. R 750.]

Sec. 2823. Excess over legal interest may be recovered back.—If an excess beyond the lawful interest be paid in any case the person paying the same may in a suit brought within one year therafter recover it from the person with whom the contract was made or to whom the assurance was given; and it may be so recovered from such person notwithstanding 1 Va. L. R. 750. the payment of the excess be made to his indorsee or assignee; but where a bank or private individual has loaned money at a greater rate of interest than six per centum per annum and permits the maker of the note, bond, or other evidence of debt to renew the same at the rate of six per centum per annum the maker and indorser shall be barred from the plea of usury after twelve months from date of renewal.

Sec. 2824. [Repealed January 24, 1894. Acts 1893-'94, page 76. 89 Va. 739.]

TITLE 40.

CONTRACTS.

CHAPTER CXXXI.

LIABILITES UNDER GOVERMENTAL AUTHORITY DURING THE LATE WAR, AND
UNDER CONTRACTS AND WILLS.

Sec. 2827. [88 Va. 31.]

CHAPTER CXXXII.

OF DEALINGS WITH STUDENTS AND GAMING.

Sec. 2835. What dealings with students prohibited.—If any money be lent or advanced, or anything be sold or let to him, or for playing billiards, pocket billiards, pool, and bagatelle on credit to or for the use of any

student or pupil under twenty-one years of age at the university of Vir- As Amended 1897-8, p. 253. ginia, Virginia military institute, or any incorporated college in this state without the previous permission in writing of his parent or guardian or the authorized officers of such institution nothing shall be recovered therefor, and there shall moreover be forfeited to the institution twenty dollars and the amount or value of such money or other thing. Where such selling, letting, lending, or advancing is by an agent such forfeiture shall be by his principal unless the principal shall within ten days after he has knowledge or information of the selling, letting, lending or advancing give notice in writing of the date, nature, and amount thereof to the president or other head of the institution, in which case the forfeiture shall be by the agent. This section shall not apply to a person selling or letting in expectation of immediate payment if he shall within ten days thereafter give notice in writing of the date, nature, or amount of the sale or letting to such president or other head.

Sec. 2836. [86 Va. 206; 1 Va. L. R. 357.]

CHAPTER CXXXIII.

WHEN WRITTEN EVIDENCE IS REQUIRED TO MAINTAIN ACTIONS; AND OF
SCROLL BY WAY OF SEAL, AND IMPRESSION ON PAPER.

Sec. 2840. [82 Va. 269, 352, 371, 462, 817; 85 Va. 64, 87, 429, 648, 928: 86 Va. 303, 323, 1011; 87 Va 391, 641; 88 Va. 125; 89 Va. 696; 90 Va. 728; 93 Va. 78, 440; 1 Va. L. R. 553; 2 Va. L. R. 727.]

The following table of contents and the headings to the sections do not appear in the act, but are here added by the compiler for the convenience of the profession:

*This act was drawn under the supervision of the "Conference of Commissioners on Uniformity of Laws," composed of representatives appointed under legislative authority of the various states of the Union. Substantially the same act has been adopted in New York, Connecticut, Colorado, and Florida.

Two works have been written on this statute-one by John J. Crawford, by whom the statute was drawn, and another by Ernest W. Huffcut. Both works are published by Baker, Voorhis & Co., of New York.

1897-8, p. 896.

Sec. 2841 a. To revise, arrange, and consolidate into one act the laws relating to negotiable instruments (being an act to establish a law uniform with the laws of other states on that subject). Whereas it is expedient to consolidate in one act the law relating to negotiable instruments in general and to arrange it in appropriate titles, chapters, and sections; therefore

Be it enacted by the general assembly of Virginia in the manner following, that is to say:

TITLE I.

NEGOTIABLE INSTRUMENTS IN GENERAL.

ARTICLE I.

FORM AND INTERPRETATION.

21. FORM OF NEGOTIABLE INSTRUMENT.-An instrument to be negotiable must conform to the following requirements:

1. It must be in writing and signed by the maker or drawer.

2. Must contain an unconditional promise or order to pay a sum certain in money.

3. Must be payable on demand or at a fixed or determinable future time. 4. Must be payable to order or to bearer; and

5. Where the instrument is addressed to a drawee he must be named or otherwise indicated therein with reasonable certainty.

2. CERTAINTY AS TO SUM; WHAT CONSTITUTES.-The sum payable is a sum certain within the meaning of this act, although it is to be paid1. With interest; or

2. By stated installments; or

3. By stated installments with a provision that upon default in payment of any installment or of interest the whole shall become due; or

4. With exchange, whether at a fixed rate or at the current rate; or

5. With costs of collection or an attorney's fee in case payment shall not be made at maturity.

$3. WHEN PROMISE IS UNCONDITIONAL.-An unqualified order or promise to pay is unconditional within the meaning of this act though coupled with

1. An indication of a particular fund out of which reimbursement is to be made or a particular account to be debited with the amount; or

2. A statement of the transaction which gives rise to the instrument. But an order or promise to pay out of a particular fund is not unconditional.

$4. DETERMINABLE FUTURE TIME; WHAT CONSTITUTES.-An instrument is payable at a determinable future time within the meaning of this act which is expressed to be payable

1. At a fixed period after date or sight; or

2. On or before a fixed or determinable future time specified therein; or 3. On or at a fixed period after the occurence of a specified event which is certain to happen, though the time of happening be uncertain.

An instrument payable upon a contingency is not negotiable, and the happening of the event does not cure the defect.

§ 5. ADDITIONAL PROVISIONS NOT AFFECTING NEGOTIABILITY.-An instru ment which contains an order or promise to do any act in addition to the payment of money is not negotiable. But the negotiable character of an instrument otherwise negotiable is not affected by a provision which

1. Authorizes the sale of collateral securities in case the instrument be not paid at maturity; or

2. Authorizes a confession of judgment if the instrument be not paid at maturity; or

3. Waives the benefit of any law intended for the advantage or protection of the obligor; or

4. Gives the holder an election to require something to be done in lieu of payment of money.

But nothing in this section shall validate any provision or stipulation otherwise illegal.

§ 6. OMISSIONS; SEAL; PARTICULAR MONEY.—The validity and negotiable character of an instrument are not affected by the fact that

1. It is not dated; or

2. Does not specify the value given or that any value has been given therefor; or

3. Does not specify the place where it is drawn or the place where it is payable; or

4. Bears a seal; or

5. Designates a particular kind of current money in which payment is to be made.

But nothing in this section shall alter or repeal any statute requiring in certain cases the nature of the consideration to be stated in the instrument.

$7. WHEN PAYABLE ON DEMAND.-An instrument is payable on demand1. Where it is expressed to be payable on demand or at sight or on presentation; or

2. In which no time for payment is expressed.

Where an instrument is issued, accepted, or indorsed when overdue it is as regards the person so issuing, accepting, or indorsing it payable on demand.

§8. WHEN PAYABLE TO ORDER.-The instrument is payable to order where it is drawn payable to the order of a specified person or to him or his order. It may be drawn payable to the order of—

1. A payee who is not maker, drawer, or drawee; or

2. The drawer or maker; or

3. The drawee; or

4. Two or more payees jointly; or

5. One or some of several payees; or

6. The holder of an office for the time being.

Where the instrument is payable to order the payee must be named or otherwise indicated therein with reasonable certainty.

$9. WHEN PAYABLE TO BEARER.-The instrument is payable to bearer1. When it is expressed to be so payable; or

2. When it is payable to a person named therein or bearer; or

3. When it is payable to the order of a fictitious or non-existing person and such fact was known to the person making it so payable; or

4. When the name of the payee does not purport to be the name of any person; or

5. When the only or last indorsement is an indorsement in blank.

$10. TERMS; WHEN SUFFICIENT.-The instrument need not follow the language of this act, but any terms are sufficient which clearly indicate an intention to conform to the requirements hereof.

$11. DATE OF; PRESUMPTION AS TO.-Where the instrument or an acceptance or any indorsement thereon is dated such date is deemed prima facie to be the true date of the making, drawing, acceptance, or indorsement as the case may be.

$12. ANTE-DATED AND POST-DATED.-The instrument is not invalid for the reason only that it is ante-dated or post-dated, provided this is not done for an illegal or fraudulent purpose. The person to whom an instrument so dated is delivered acquires the title thereto as of the date of delivery.

$13. WHEN DATE MAY BE INSERTED.-Where an instrument expressed to be payable at a fixed period after date is issued undated, or where the acceptance of an instrument payable at a fixed period after sight is undated any holder may insert therein the true date of issue or acceptance and the instrument shall be payable accordingly. The insertion of a wrong date does not avoid the instrument in the hands of a subsequent holder in due course; but as to him the date so inserted is to be regarded as the true date.

$14. BLANKS; WHEN MAY BE FILLED.-Where the instrument is wanting in any material particular the person in possession thereof has a prima facie authority to complete it by filling up the blanks therein. And a sig. nature on a blank paper delivered by the person making the signature in order that the paper may be converted into a negotiable instrument operates as a prima facie authority to fill it up as such for any amount. In order, however, that any such instrument when completed may be enforced against any person who became a party thereto prior to its completion it must be filled up strictly in accordance with the authority given and within a reasonable time. But if any such instrument after completion is negotiated to a holder in due course it is valid and effectual for all purposes in his hands, and he may enforce it as if it had been filled up strictly in accordance with the authority given and within a reasonable time.

$15. INCOMPLETE INSTRUMENT NOT DELIVERED.-Where an incomplete instrument has not been delivered it will not, if completed and negotiated