| Show AH AN ACT IN irs RELATION TO negotiable inome instruments cz ferst FIRST NEGOTIABLE IN bo be it enacted by the governor and legislative isla tite tive assembly of the territory of utah I 1 article ferst first general becj that a negotiable instrument ie Is a written promise or request for the pay maufit of a certain sum of money to order or bearer in conformity to the provisions of this act bee see 2 A negotiable instrument must be raade reade payable in money only and without any condition not certain of fulfillment fulfilment see 3 2 the person to whose order orden a negotiable goti got lable able instrument is made payable must te be ascertainable at the time the inspru ment nent is made see sec 4 A negotiable instrument may gite give to the payee an option between the payment of the sum specified therein and the performance of another act but as to the latter the instrument is not within the provisions of this act sec 5 A negotiable instrument may be with or without date and with or with out designation of the ume time or place of payment sec see 6 A negotiable instrument may contain a pledge of collateral security with authority to sec see 1 7 A negotiable instrument must mast mot not contain any other contract than such as its la Is specified in this article see sec 8 any date may b be inserted by the maker masker of a negotiable instrument whether past pait present 01 or future and the in strument ment is ls not IT invalidated by his death or incapacity at the tea time of kif the nominal date dated i sec bec 9 there are six classes of me bw instruments namely ut bills exchange and 2nd ad promissory notes notee ad bank notes motes eth checks eth bonds cob certificates of deposit articie rt icle icie second interpretation of ne tile instruments sec see 10 A negotiable instrument which does not specify the time of payment is t payable immediately mcc lee 11 A negotiable instrument which does dm not specify a place of payment is payable at the residence or place of bus iness of the maker or wherever he may le be found see sec 12 an instrument other otherwise negotiable roti goti lable able in form payable to a person named but with the words added ov or order or to bearer or words equivalent thereto is in the former ae we payable to the written order of buch euch person ferson and in the latter case payable to the zhe bearer see sec 13 A negotiable instrument made 1 payable tabileto ya bileto to the order orden of the maker dorofa or of a i fictitious person if issued by the maker lor for a valid consideration without In clorse indorse jaent en thas hab has the same effect against him and all other persons hating having notice of the laet feet as if payable to the bearer see sec 11 14 A negotiable dinst ament made payable to the order of a person I 1 y fact oas is payable te to the bearer B sec 15 the he signature Ig nature of every drawer acceptor pi r an and in endorser dorser of a negotiable in ent is presumed to have been made nide for a valuable consideration before the of the instrument and in the ord orA ordinary inary course of business bust basl neba nesa agu AMU thira third bec sec 16 one who writes his hla name upon a negotiable instrument otherwise than us a maker or acceptor and delivers it with hib his name thereon to another person N called an Indo Indor ser reer and his act is earld called indorsement endorsement Indor sec bee 17 one who agrees to indorse a negotiable instrument is bound to write his bis signature upon nabe the back of the meat it there T Is suM bum sufficient clent elent space thereon flur flor khat that purpose sec 18 when there is not room for a signature upon the back of a negotiable a signature equIT lent leni to an in in dor idor thereof may be made upon a laper taper annexed thereto bec sec 19 an indorsement endorsement Indor gement maybe may be genera general or special bee sec 30 20 A general indorsement endorsement Indor is one by which no in dorsee is named sm sec 21 A special indorsement endorsement Indor specifies the in dorsee see 33 22 A negotiable instrument bearing ai am general indorsement endorsement indor cannot be after wards yards specially specialty endorsed indorsed indor sed but any eny law loi sal holder bolder may turn tam a general aotoa joto a special one by writing above it a direction direct ioa loa for payment to a particular per SM aan sm sec 23 A special indorsement endorsement Indor lador may by words for that purpose but bat not otherwise be eo so made as to render reader the in aliment not negotiable a see essec sec 24 every In dorser of a negotiable in amment atrom ent unless his indorsement endorsement Indor Is qualified fi warrants to every subsequent hold holar r hereof thereof who Is not liable thereon to him ast itt that it Is in au all respects what it par ports to be 2nd and that he has a good title to r it ird ard 3rd that tle tie signatures big elg natures of all prior parties are binding upon them rb that ss if the instrument Is dishonored the in dommer will upon notice thereof duly giren to him or without notice where it id ex aused by law lair pay the same with interest a olefia exonerated under the I 1 roTis roTi lons tons of 71 log and a olefia exonerated under the I 1 roTis roTi lons tons of 71 log and sections see sec 25 oae otte who a pegot negotiable lable labie instrument before it is delivered to the payee Is liable to the payee thereon as an mi lug orser se sec soc 26 an in dorser may quail quill qualify fy his in dor dore ement with the words worda 4 without je recourse coursell or equivalent words and upon aach bach indorsement endorsement indor be is responsible only to the bames samel extent as in the th case of a transfer without indorsement endorsement indor sec sm 27 except as otherwise prescribed by the last section an indorsement endorsement indor with out recourse has the same effect as any other indorsement endorsement Indor see bee 23 28 an in dorsee of a negotiable instrument ment meni has the same eama rights against every prior party thereto that he be would haye hare bad if the contract had been made directly between them in the first instance sec see 29 the want of a consideration for the undertaking of a maker acceptor or In dorser of a negotiable instrument does doen not exonerate him from liability thereon to an in dorsee in good faith for a con aide alde alteration ration sec so 29 an Indo In dorsee rbee rEee in due course Is one cone who in good faith in the ordinary course of business aua ana for value before its apparent maturity or presumptive dishonor and without knowledge of its actual dishonor acquire a a negotiable instrument ment duly duty indorsed endorsed Indor eed sed to him or in generally or payable to the bearer see sec 81 31 an in dorsee of a negotiable instrument in due course acquires an absolute title thereto eo so that it is 18 arild in his hands bands notwithstanding any provision gion sion of law making it generally void or voidable and notwithstanding any defect in the title of the person from whom he acquired itzee 32 one who makes himself a party to an a instrument intended to be negotiable but which Is left partly in blank for the purpose of filling afterward after Is ila ble upon the instrument to an in Indor dorsee eee seo thereof in due course courte in whatever r manner mander and at whatever ter ver time it may be filled so long as it remains negotiable in form article fourth ment for tor payzant Pay mant sec 33 it is not necessary to make a demand of paymer t upon the principal cipal debtor in a negotiable instrument in order to charge to him but if the instrument is by its terms payable at a specified place and rod he is able and willing to pay it there at maturity sch ability and will willingness 13 gness are equivalent to an oner offer of payment at up 0 03 3 his part sec see 31 presentment of a negotiable instrument st ment menh for payment when necessary must most be made as follows as nearly ae as by reasonable reason reaBon able abIe da diligence is practicable lat the instrument must be presented bj by the bolder holder bolder and 2nd d the instrument must be pre sen dented ed 1 to t the e principal debtor if he can be found at the place where presentment should be made and if not then it mut mat mu ma t be presented to some other person having charge thereof or employed therein if one can be found there 3rd ard an instrument which specifies a pace place for its payment must be presented there and if the place specified includes mory mon than one house then at the place of resi resl residence deace or business of the principal debtor it it can be found therein ath an instrument which does docs not specify s pe fy a place for its payment must be presented at the place of residence or business of the principal debtor or where ever even he may be found at the the presenter fth the instrument mn lt be presented upon the uhe day of its maturity or if it be payable on demand it may be presented upon any day it must be presented within reasonable hours and if it be payable at a banking house theu then tuai eual banking bauling hours of the vicinity but by the consent of the person to whom it should be presented it may be presented of the day and the principal debtor have no place of busl bust ness nees or if his place of busin ss as or real dence cannot with reasonable diligence be ascertained arese prese ament for payment Is excused sec see 35 the apparent maturity of a ne neo got labie lable instrument payable at a particular time is the day on which y its terms it becomes due or when that la Is a holiday the next preceding business day except when such preceding day is also a holiday holad in the 1 it ater event sach each instrument bsh fib shail bhail ZA I 1 become due on the next succeeding busi busl ness nessa d y sec see 36 A bill of exchange payable at a certain time after sight bight which is not accepted within ten days after its date in addition to the time which would ouid suffice with ordinary diligence to forward it for acceptance Is presumed to have been dishonored sm sec ST 37 the apparent maturity of a bill bin I 1 of exchange payable at sight or on demand Is iBl stIf it bear bears a trl tro terest interest one 3 ear after its date or and 2nd if it does not bear interest ten tea alyx day after its date dale in add addition atlon to th the time which would suffice with ordinary diligence to forward it for acceptance see sec 33 38 the apparent maturity of a promissory note grayable payable at a sight 9 lit or en cn demand is lit ft f it bears in interest te rest one year after its Us dite ante or 2nd and if it t does not bear In interest ine lne lerest refi six months after its is date sec 39 when a promissory note is payable at a certain time after dight sight or det de mand such time Is to be a added ded to the periods mentioned in the preceding sec sec see 10 A party to a nf negotiable inspru ment may require as a condition concur rent to its ita payment by him that the instrument be surrendered I 1 10 0 him it Is lost or destroyed or taso the holder bas baa other clam upon it or sad if the holder bag hat a right to retain the dinst instrument m ment meat and does r rs eo aln it alen that a receipt for the ameant paid or an exoneration of the arty i aying acing be written thereon or earty ranny V f the instrument Is lost or dt ds st royed troyed then that the hoider bolder give glye to hm him a bond ex tented by himself and two sufficient sureties to indemnify him any lawful claim thereon article of negotiable instruments sec 11 41 A negotiable instrument la Is dis honored when it is either not paid or not accepted fcc according to its tenor on pre t for lor that purpose or without preset ament where that Is excused ste sec 12 42 notice of the dishonor ef a nei g got 0 labie lable instrument may be given let hy by a holder thereof thereon the reoh reon or 2nd and by any party to the instrument ano might to pay it to the holder bolder and who would upon taking it up have hive a richt right to reimbursement bur from the pirty party to whom the notice Is given see 43 A notice of dishon or may be given in any form which describes the in strument ment with reasonable cen perlanty lanty tanty and substantially informs the party receiving it that the instrument has been dishon ored sac 41 44 A notice of dishonor maybe may be given lt by dt livering delivering it to the I 1 arty to be charged persona persons ly at ai y place c or and 2nd by delivering it to some come person of dis dig dl at the place of residence or bu alness of such anch party apparently acting for him or ard 3rd by dy properly folding the notice directing it to the party to be me charged rg at his hla place of residence accord according ing log to the best information that the person gly ing the rolace rot rol cecan can obtain depositing it in the post office hobt conveniently accessible from the place where the present ment was made and paying the postage th thereon ereon creon sec 45 in cae ca e of the death of a party to whom the notice of dishonor should otherwise be given the notice nine must t be given to one of his personal representatives or if there are none then to any member of his family who resided with him at lis death or if there is no nethen jonethen none then ihen it must be mailed to his last place 61 residence as prescribed by subdivision 3 of the last section sec bee 46 A notice of dishonor sent to a party after his death but in ignorance thereof and in good faith Is valid sec see 47 notice of dishonor when given by the holder of an instrument or his a agent ena otherwise than by mall mail must be N given ven yen oa on the day of dishonor or on the next business day thereafter see sec 43 when notice of dishonor is given by mall it must be deposited in the post omee office in time for the first mail which closes after noon of the first business day succeeding the dishonor and which leaves the place where the instrument was dishonored honored for the place to which the notice should be sent fent sec see 49 when the holder of a negotiable the time of its dishonor is a mere agent for the owner it Is duill sufficient chent for him to give notice to his principal in the same manner as to an Indor his principal 1 may give notice to any other party to be e c charged barged as if he were himself an In indo dorser dorber reen reer and if an agent of the owner employs a subagent sub agent it IE Is sufficient for each successive agent or sub ageal to give notice in like manner to his own principal sec see 50 every party to a negotiable instrument ment receiving its dishonor has the like time thereafter thereafter to give similar notice to prior parties as the original or lInal holder had after its dishonor but tad fad thib this additional dit ional time is available only to the particular party entitled thereto sec bee 51 A notice of the dishonor ofa of a liable instrument ament if valid in favor of the party giving it inures ingres to the benefit of all omir other oiher parties thereto whose right to give the like notice has not then been lost article sixth excuse of presentment an aal sec see 52 notice ot of dishonor Is excused lit li ift t when the party by whom it should be given cannot bilth dill diligence gence ascertain either the place of residence or business bubines a of the party to he be charged or 2nd and when there Is no post office communication ni between the town ot of the party by whom the notice should be giyen given and the town in which the place of residence or business of the party to be charged is situated or ard 3rd when the party to be charged is the same person who dishonors the instrument or ath when the notice is waived by the party entitled thereto see sec 53 presentment and notice are excused aused as to any party to a negotiable fust lust instrument who informs the holder bolder within ten len days before its maturity that it |
