such, is estopped (as against them) from alleging that such note was in fact paid. Ibid.

Where upon a promissory note of a husband and wife for $140, there was indorsed a property statement by the wife, as a basis of the credit given, showing that she owned a farm worth $4,000.00 and personal property worth $600.00, a subsequent unauthorized change of the last figures to $1,000.00 made by the holders, held. not a material alteration of the note, because the $600.00 basis of credit is as good as that of $1,000.00. . Krouskop v. Shontz, 51 Wis., 204.

An alteration of a written contract, which in no way changes the legal effect thereof as between the parties thereto, is immaterial and does not avoid the contract. Fuller v. Green, 64 Wis., 159.

Merely affixing the name of an attesting witness to a promissory note is not a material alteration thereof. Ibid.

If an alteration is immaterial, the intent with which it was made is immaterial. Ibid.

The materiality of an alteration is to be determined by its effect upon the rights of the parties under the laws of the state in which the question is raised. Ibid.

HOLDER IN DUE COURSE.-This changes the rule adopted by the authorities. 4 Am. & Eng. Ency., 332, 333. In case the instrument is so drawn that a contract or memorandum qualifying ne gotiability can be readily detached, which is done, and the paper negotiated a holder in due course may recover, because of the neg ligence of the maker. Ibid.

2. The sum payable, either for principal or interest;

3. The time or place of payment;

4. The number or the relation 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.

NOTE--Query whether the addition of the signature of the maker's wife, is a material alteration. Donkle v. Milem, SS Wis., 33. (cases in conflict).

THE DATE. No change in Wisconsin law. Low v. Merrill, 1 Pin., 340.

ALTERATION OF MEMORANDUM.-The material change in a mem orandum which is part of an instrument avoids it. 4 Am. & Eng. Ency. 142.

PLACE OF PAYMENT.-The authorities are in condict upon this question. 4 Am. & Eng. Ency., 142.

BILLS OF EXCHANGE.

FORM AND INTERPRETATION.

exchange.

SECTION 1680. A bill of exchange is an uncon- What is bill of ditional 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 or determinable future time a sum certain in money to order or bearer.

NOTE-A bill of exchange need not be payable to order or bearer, nor on a fixed day, nor at a particular place. Mehlberg v. Fisher, 24 Wis., 607. The above statute changes the rule of this case. DESIGNATING DRAWEE. See note to section 1675.

DESIGNATING THE PAYEE.-May be to a bank manager, treasurer, trustee, executor or a steamboat. 4 Am. & Eng. Ency. 113. See section 1675-3.

ment of funds.

SECTION 1680a. A bill of itself does not ope- Not an assignrate 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.

bill.

SECTION 1680b. A bill may be addressed to Address of two or more drawees jointly, whether they are partners or not; but not to two or more drawees in the alternative.

NOTE-PARTNERS.-An acceptance by one partner in his Own name of a bill drawn on the firm, for goods sold to it, binds the firm. Tolman v. Harnahan, 44 Wis., 133.

SECTION 1680c. An inland bill of exchange is Inland and a bill which is, or on its face purports to be, both foreign bill. drawn and payable within this state. Any other bill is a foreign bill. Unless the contrary ap pears on the face of the bill, the holder may treat it as an inland bill.

SECTION 1680d. Where in a bill drawer and where drawer

are same person.

drawee are the same person, or where the and drawee drawee is a fictitious person, not having capacity to contract, the holder may treat the instru ment, at his option, either as a bill of exchange or a promissory note.

Referee in case of need.

Acceptance of bill.

Acceptance in writing.

Written acceptance on paper other than bill.

Promise in writing.

SECTION 1680e. 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 non-acceptance 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 ref eree in case of need or not as he may see fit.

ACCEPTANCE.

SECTION 1680f. 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 drawer. It must not express that the drawee will perform his promise by any other means than the payment of money.

NOTE-Acceptance is not revocable after negotiation. inomas v. Thomas, 7 Wis. 403. It need not be in any particular form. The words: honored, seen, presented, acted, are sufficient, but merely taking notice of the bill are not. 4 Am. & Eng. Ency. 216. IN WRITING.--See section 1680k. A Vermont statute required acceptance to be written, but where the drawer discounted the bill without accepting it, his acceptance was implied. Rutland Bk. v. Woodruff, 34 Vt. 89. So held also where the drawee wrote on the bill an order upon a third person to pay it. Harper v. West, 1 Cranch C. C. 192. Part payment, or payment to an unauthorized person, is not acceptance. Am & Eng. Ency. 224.

SECTION 1680g. The holder of a bill presenting the same for acceptance may require that the acceptance be written on the bill and if such re quest is refused, may treat the bill as dishonored.

SECTION 1680h. 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.

SECTION 1680i. 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.

NOTE This is the settled rule in this country. Am. & Eng. Ency., 235. The bill must be drawn within a reasonable time after such promise. Ibid., 236. It is sufficient that the bill to be

drawn be so designated that there can be no doubt that the particular one drawn was intended. Ibid. The bill must not vary from the authority in any material particular. Ibid., 243.

for accept

SECTION 1680j. The drawee is allowed twenty. Time allowed four hours after presentment in which to decide ance. whether or not he will accept the bill; but the ac ceptance if given dates as of the day of presenta tion.

ure to return.

Ch. 356 1680k 117 592

SECTION 1680k. Where a drawee to whom a Refusal or failbill 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. Mere retention of the

bill is not acceptance.

NOTES See notes to sec. 1680f.

DESTRUCTION; REFUSAL TO RETURN.-Similar statutes have been construed to refer only to acts of a tortious nature, implying conversion, and not where the bill is left with the drawee by the holder, and no demand made for its return. Gates v. Eno, 4 Hun 96. Sands v. Matthews, 27 Ala., 399. Rousch v. Duff 35 Wis., 312.

before signing.

SECTION 16801. A bill may be accepted before Acceptance 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 non-payment. 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.

qualified ac

SECTION 1680m. An acceptance is either gen- General or eral or qualified. A general acceptance assents ceptance. without qualification to the order of the drawer. A qualified acceptance in express terms varies the effect of the bill as drawn.

NOTE-An acceptance to pay when due is general. Sylvester v. Staples, 44 Me., 496. So of an acceptance to pay if another person would not. Wilkinson v. Lutwidge, 1 Stra., 648. A conditional acceptance must be distinct and clear, or it will be construed to be general. 4 Am. & Eng. Ency., 225. Corbett v. Clark, 45

Wis., 403.

ceptance.

SECTION 1680n. An acceptance to pay at a General acparticular place is a general acceptance unless it

Qualified acceptance.

Refusal of qualified acceptance.

expressly states that the bill is to be paid there only and not elsewhere.

SECTION 16800. An 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, 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.

NOTE CONDITIONAL.-Y, who had a contract with D to deliver the latter certain logs at an agreed price, made a draft on D in favor of H, which was accepted as follows: "Accepted July 15, 1880, payable according to a contract between Y and D. dated June 26, 1880, for the purchase of a lot of logs on Eau Claire, marked on ends 'F. W. Y.,' one half payable when lumber is sawed and put in pile, and one half on first day of October, A. D. 1880.” Held, that the acceptance was conditional, and that upon the failure of Y to perform his contract, D was not liable on the acceptance beyond the sum found due from him to Y on a settlement between them. Haseltine v. Dunbar, 62 Wis., 162.

An acceptance to pay when in funds is qualified. 4 Am & Eng. Ency., 229, 230. So of acceptance to pay when lumber is run to market. Lamon v. French, 25 Wis. 37.

SECTION 1680p. 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 indorser receive notice 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.