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 (a). (a) Laws N. Y. 1877, Ch. 65, section 1; Laws of Pa. 1872, 60. This section is not in contravention of the Constitution of the United States and the acts of Congress which secure to a patentee for a limited time "the full and exclusive right and liberty of making, using and vending to others to be used" his invention or discovery. Herdie v. Roessler, 109 N. Y. 127; Tod v. Wick, 36 Ohio St. 370; Haskell v. Jones, 86 Pa. St. 173; Shires v. Commonwealth, 120 Pa. St. 368; Breckhill v. Randall, 102 Ind. 528; New v. Walker, 108 Ind. 365. If the note does not contain the statement required by this section it is unenforcible between the parties; but, if negotiable paper, it is valid in the hands of a holder in due course. New v. Walker, 108 Ind. 365; Kness v. Holbrook, Ind.; Harmon v. Hagerty, 88 Tenn. 705. § 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 (a). (a) Laws N. Y. 1874, Ch. 262, section 1. § 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 registered 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 (a). (a) Laws N. Y. 1871, Ch. 81; Laws N. Y. 1873, Ch. 595. 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. § 341. When to take effect.-This chapter shall take effect on the first day of October, eighteen hundred and ninety-seven (a). (a) See note to section 6. SCHEDULE OF LAWS REPEALED.* Subject matter. Bills and notes. Subject matter. R. S., pt. II., ch. 4, tit. II. . . ... All.... Laws of Chapter. Sections. 1835... 141... All... 1857... 416... All... 1865.. 309... All... 1870... 438... All... 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 negotiable. 1877... 65... 1,3... Negotiable instruments given. for patent rights 1887... 461... All... Effect of holidays upon pay 1888... 229... All... ment of commercial paper. One hundredth anniversary of 1891... 262... I... the inauguration of George Washington. Negotiable instruments given for a speculative consideration. 1894... 607... All... Days of grace abolished. * This schedule comprises only the New York statutes. Laws of New York, 1897, chapter 613. AN ACT to amend the Penal Code, relative to violation of The Negotiable Instruments Law. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. The penal code is hereby amended by inserting at the end of title twelve the following new sections: § 384m. Notes given for patent rights.-A person who takes, sells or transfers a promissory note or other negotiable instrument, knowing the consideration of such note or instrument to consist in whole or in part of the right to make, use or sell any patent invention or inventions, or any invention claimed or represented to be patented, without having the words "given for a patent right" written or printed legibly and prominently on the face of such note or instrument above the signature thereto, is guilty of a misdemeanor. § 384n. Notes given for a speculative consideration. -A person who takes, sells or transfers a promissory note or other negotiable instrument, knowing the consideration of such note or instrument to consist in whole or in part of the purchase price of any farm product at a price greater by four or more times than the fair market value of the same product at the time in the locality, or in which the consideration shall be in whole or in part membership of 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 such rate, without having the words "given for a speculative considera tion," or other words clearly showing the nature of the consideration prominently and legibly written or printed on the face of such note or instrument above the signature thereof is guilty of a misdemeanor. § 2. Section two of chapter sixty-five of the laws of eighteen hundred and seventy-seven, and section two of chapter two hundred and sixty-two of the laws of eighteen hundred and ninety-one, are hereby repealed. § 3. This act shall take effect the first day of October, eighteen hundred and ninety-seven. Laws of Massachusetts, 1899, Chap. 130. AN ACT relative to days of grace on sight drafts. Be it enacted, etc., as follows: Section 1. On all drafts and bills of exchange made payable within the Commonwealth at sight, three days of grace shall be allowed, unless there is an express stipulation therefor to the contrary. § 2. So much of chapter five hundred and thirty-three of the acts of the year eighteen hundred and ninety-eight as is inconsistent with this act is hereby repealed. |