Page:United States Statutes at Large Volume 30.djvu/825

 FIFTY-FIFTH CONGRESS. Sess. III. Ch. 47. 1899. 787 Third. The drawee; or Fourth. Two or more payees jointly; or Fifth. One or some of several payees; or Sixth. 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. . Sec. 9. That the instrument is payable to bearer: When payable ea _ First. When it i expressed to be so payable; or *’°"""· Second. When it is payable to a person named therein or bearer; or _· Third. When it is payable to the order of a fictitious or nonexisting person, and such fact was known to the person making it so payable; or Fourth. When the name of the payee does not purport to be the name of any person; or Fifth. When the only or last indorsement is an indorsement in blank. Sec. 10. That the instrument need not follow the language of this .T¤¤¤¤- Wim ¤¤i¤· Act, but any terms are sufficient which clearly indicate an intention to °1°°°` ‘ conform to the requirements hereof; Sec. 11. That where the instrument or an acceptance or any indorse- Dm. presumption ment thereon is dated, such date is deemed prima facie to be the true °“ °°‘ _ date log the making, drawing, acceptance, or indorsement, as the case may . Sec. 12. That the instrument is not invalid for the reason only that ,,a·§;,*°““”°d °* P°¤*r it is antedated or postdated, 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. Sec. 13. That where an instrument expressed to be payable at a m;;'}';;}, dm ¤•>’l·• fixed period after date is issued undated, or where the acceptance of an ` instru ment 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 insertiox. 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. Sec. 14. That where the instrument is wanting in any material par- B1¤¤k¤. when may ticular, the person in possession thereof' has a prima facie authority to b°m]°°‘ complete it by filling up the blanks therein. And a signature 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 ull 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 instriunent, 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. Sec. 15. That where an incomplete instrument has not been delivered mI¤;<>¤¤pS¤¢;; ingmit will not, if completed and negotiated, without authority, be a valid °" "° °"“° ‘ contract in the hands of any holder, as against any person whose signature was placed thereon before delivery. Sec. 16. That every contract on a negotiable instrument is incom- Delivery. plete and revocable until delivery of the instrument for the purpose of giving effect thereto. As between immediate parties, and as regards -wreae:ree¤aa1. a remote party other than a holder in due course, the delivery, in order to be effectual, must be made either by or under the authority of the party making, drawing, accepting, or indorsing, as the case may be; and in such case the delivery may be shown to have been conditional, or for a special purpose only, and not for the purpose of transferring the property in the instrument. But where the instrument is in the .-when pi-eeamea. hands of a holder in due course, a valid delivery thereof by all parties prior to him, so as to make them liable to him, is conclusively presumed. And where the instrument is no longer in the possession of a