« PreviousContinue »
may, with the consent of the holder, intervene and accept the bill supra protest for the honor of any party liable theregn or for the honor of the person for whose account the bill is drawn; the acceptance for honor may be for part only of the sum for which the bill is drawn, and where there has been an acceptance for honor for one party, there may be a further acceptance by a different person for the honor of another party.
Sec. 162. An acceptance for honor supra protest must be in writing and indicate that it is an acceptance for honor, and must be signed by the acceptor for honor.
Sec. 163. Where an acceptance for honor does not expressly state for whose honor it is made, it is deemed to be an acceptance for the honor of the drawer.
Sec. 164. The acceptor for honor is liable to the holder and to all parties to the bill subsequent to the party for whose honor he has accepted.
Sec. 165. The acceptor for honor by such acceptance engages that he will, on due presentment, pay the bill according to the terms of his acceptance; provided, it shall not have been paid by the drawee, and provided also, that it shall have been duly presented for payment and protested for non-payment and notice of dishonor given to him. Sec. 166.
When a bill payable after sight is accepted for honor, its maturity is calculated from the date of the noting for non-acceptance and not from the date of the acceptance for honor.
Sec. 167. Where a dishonored bill has been accepted for honor supra protest or contains a reference in case of need, it must be protested for non-payment before it is presented for payment to the acceptor for honor or reference in case of need.
Sec. 168. Presentment for payment to the acceptor for honor must be made as follows:
First, if it is to be presented in the place where the protest for non-payment was made, it must be presented not later than the day following its maturity;
Second, if it is to be presented in some other place than the place where it was protested, then, it must be forwarded within the time specified in section one hundred and four.
Sec. 169. The provisions of section eighty-one apply where there is delay in making presentment to the acceptor for honor or referee in case of need.
Sec. 170. When the bill is dishonored by the acceptor for honor it must be protested for non-payment by him.
Payment for Honor. Sec. 171. Where a bill has been protested for non-payment, any person may intervene and pay it supra protest for the honor of any person liable thereon or for the honor of the person for whose account it was drawn.
Sec. 172. The payment for honor supra protest in order to operate as such and not as a mere voluntary payment must be attested by a notarial act of honor which may be appended to the protest or form an extension to it.
Sec. 173. The notarial act of honor must be founded on a declaration made by the payer for honor or by his agent in that behalf declaring his intention to pay the bill for honor and for whose honor he pays.
Sec. 174. Where two or more persons offer to pay a bill for the honor of different parties, the person whose payment will discharge most parties to the bill is to be given the preference.
Sec. 175. Where a bill has been paid for honor, all parties subsequent to the party for whose honor it is paid or discharged, but the payer for honor is subrogated for, and succeeds to, both the rights and duties of the holder as regards the party for whose honor he pays and all parties liable to the latter.
Sec. 176. Where the holder of a bill refuses to receive payment supra protest, he loses his right of recourse against any party who would have been discharged by such payment.
Sec. 177. The payer for honor, on paying to the holder the amount of the bill and the notarial expenses incidental to its dishonor, is entitled to receive both the bill itself and the protest.
Bills in a Set.
Sec. 178. Where a bill is drawn in a set, each part of the set being numbered and containing a reference to the other parts, the whole of the parts constitutes one bill.
Sec. 179. Where two or more parts of a set are negotiated to different holders in due course, the holder whose title first accrues is, as between such holders, the true owner of the bill; but nothing in this section affects the rights of a person who in due course accepts or pays the part first presented to him.
Sec. 180. Where the holder of a set indorses two or more parts to different persons he is liable on every such part, and every indorser subsequent to him is liable on the part he has himself indorsed, as if such parts were separate bills.
Sec. 181. The acceptance may be written on any part and it must be written on one part only; if the drawee accepts more than one part, and such accepted parts are negotiated to different holders in due course, he is liable on every such part as if it were a separate bill.
Sec. 182. When the acceptor of a bill drawn in a set pays it without requiring the part bearing his acceptance to be delivered up to him, and that part at maturity is outstanding in the hands of a holder in due course, he is liable to the holder thereon.
Sec. 183. Except as herein otherwise provided, where any one part of a bill drawn in a set is discharged by payment or otherwise, the whole bill is discharged.
TITLE III.-PROMISSORY NOTES AND CHECKS.
Sec. 184. A negotiable promissory note within the meaning of this act is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand or at a fixed or determinable future time, a sum certain in money to order or to bearer; where a note is drawn to the maker's own order, it is not complete until indorsed by him.
Sec. 185. A check is a bill of exchange drawn on a bank payable on demand; except as herein otherwise provided, the provisions of this act, applicable to a bill of exchange payable on demand, apply to a check. Sec. 186. A check must be presented for payment within a rea
. sonable time after its issue, or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay.
Sec. 187. Where a check is certified by the bank on which it is drawn, the certification is equivalent to an acceptance.
Sec. 188. Where the holder of a check procures it to be accept
ed or certified, the drawer and all indorsers are discharged from liability thereon.
Sec. 189. A check of itself does not operate as an assignment of any part of the funds to the credit of the drawer with the bank, and the bank is not liable to the holder, unless and until it accepts or certifies the check.
TITLE IV.-GENERAL PROVISIONS.
Sec. 190. This act shall be known as the negotiable instrument law.
Sec. 191. In this act, unless the context otherwise requires :
"Acceptance” means an acceptance completed by delivery or notification.
"Action" includes counter-claim and set-off.
“Bank” includes any person or association of persons carrying on the business of banking, whether incorporated or not.
“Bearer” means the person in possession of a bill or note which is payable to bearer.
“Bill” means bill of exchange, and “note' 'means negotiable promissory note.
“Delivery” means transfer of possession, actual or constructive, from one person to another.
“Holder" means the payee or indorsee of a bill or note, who is in possession of it, or the bearer thereof.
“Indorsement” means an indorsement completed by delivery. “Instrument” means negotiable instrument.
“Issue” means the first delivery of the instrument, complete in form, to a person who takes it as a holder.
“Person" includes a body of persons, whether incorporated or not.
“Value" means valuable consideration. “Written” includes printed, and "writing" includes print.
Sec. 192. The person “primarily” liable on an instrument is the person who, by the terms of the instrument, is absolutely required to pay the same; All other parties are “secondarily” liable.
Sec. 193. In determining what is a reasonable time" or an "unreasonable time," regard is to be had to the nature of the in
strument, the usage of trade or business, if any, with respect to such instruments and the facts of the particular case.
Sec. 194. Where the day, or the last day, for doing an act herein required or permitted to be done falls on Sunday or on a holiday, the act may be done on the next succeeding secular or business day.
Sec. 195. The provisions of this act do not apply to negotiable instruments made and delivered prior to the taking effect of this act, and this act shall not take effect until January 1st, 1908.
Sec. 196. In any case not provided for in this act, the rules of the law merchant shall govern.
Sec. 197. Section nine of chapter ninety-nine of the code of West Virginia and all acts and parts of acts in conflict herewith are hereby, to that extent, repealed.
(Substitute House Bill No. 278.)
AN ACT to amend and re-enact sections one, two, ten, twelve,
eighteen, forty, forty-four, sixty-two, sixty-six, seventy-four, seventy-seven, eighty-six, eighty-seven, eighty-eight, ninety-two, one hundred, one hundred and three, one hundred and seven, one hundred and nine, one hundred and thirteen, one hundred and fifteen, one hundred and seventeen, one hundred and twenty, and to add thereto sections eighty-eight-a, eighty-eight-b, one hundred and twenty-a and sections one hundred and forty, one hundred and forty one, one hundred and forty-two, one hundred and forty-three, one hundred and forty-four, one hun. dred and forty-five and one hundred and forty-six of chapter thirty-two of the code of West Virginia as last amended and re-enacted by chapter thirty-six of the acts of the legislature of one thousand nine hundred and five, relating to the regulations respecting licenses, injury to persons arising from illegal sales of intoxicating liquors, remedy therefor, the amount of rate of tax on each subject of taxation, and to provide for the payment of all license privileges and franchise taxes collected by the state to the credit of the state fund.
(Passed February 22, 1907. In effect ninety days from passage.
the Governor February 27, 1907.]