Page:United States Statutes at Large Volume 30.djvu/826

 788 FIFTY-FIFTH CONGRESS. Sess. III. Ch. 47. 1899. party whose signature appears thereon, a valid and intentional delivery by him is presumed until the contrary is proved. _ C¤¤st¤¤<=¢i·>¤ whyn Sec. 17. That where the language of the instrument is ambiguous, l,'{,’K§l`m°°t `° °ml"g` or there are omissions therein, the iollowing rules of construction apply: First. Where the sum payable is expressed in words and also in iignres, and there is a discrepancy between the two, the sum denoted by the words is the sum payable; but if the words are ambiguous or uncertain, reference may be had to the figures to  the amount. Second. Where the instrument provides for the payment of interest, without specifying the date from which interest is to run, the interest runs from the date of the instrument, and if the instrument is undated, from the issue thereotl Third. Where the instrument is not dated, it will be considered to be dated as of the time it was issued. Fourth. Where there is contlict between the written and printed provisions of the instrument, the written provisions prevail. Fifth. Where the instrument is so ambiguous that there is doubt whether it is a bill or note, the holder may treat it as either, at his election. Sixth. Where a signature is so placed upon the instrument that it is not clear in what capacity the person making the same intended to sign, he is to be deemed an indorser. Seventh. Where an instrument containing the words, “I promise to pay," is signed by two or more persons, they are deemed to be jointly and severally liable thereon. Liability ¤f 1¤·r•<·¤ Sec. 18. That no person is liable on the instrument whose signature f,'Q."§,,,'§§;“'§‘,;{1 l{',,§,,,Y""'l*’ does not appear thereon, except as herein otherwise expressly provided. But one who signs in a trade or assumed name will be liable to the same extent as if he had signed in his own name. Sig¤¤r¤r·>1»y¤z¤¤t- Sec. 19. That the signature of any party may be made by a duly authorized agent. No particular form of appointment i necessary for ` other cases of agency. .Url·¤i¤>· of v¤r¤¤¤ Sec. 20. That where the instrument contains, or a person adds to his "“““" "" "g°'"‘ signature, words indicating that he signs for or on behalf of a principal, or in a representative capacity, he is not liable on the instrument if he was duly authorized, but the mere addition of words describing him as an agent, or as tilling a representative character, without disclosing his principal, does not exempt him from personal liability. "P*°¤*"=*“°¤-" Sec. ::1. That a signature by •‘procuration" operates as notice that the agent has but a limited authority to sign, and the principal is bound only in case the agent in so signing acted within the actual _ limits of his authority. ,,“f{{";;;j}jj;·jfg]‘ '*Y "*· Sm:. 22. That the indorsement or assignment of the instrument bya corporation or by an intant passes the property therein, notwithstanding that from want of capacity the corporation or infant may incur no __ liability thereon. d;;{Qfg'**° *`°’¤°•l· snc._2;s. That where a signature is forged or made without the authority of the person whose signature it purports to be. it is wholly inoperative, and no right to retain the instrument, or to give a discharge theretor, or to enforce payment thereof against any party thereto, can he acquired through or under such signature, unless the party against whom it is sought to enforce such right is precluded from setting up the forgery or want of authority. C·>¤¤i<¤¤¤=f··¤· ARTICLE II. CoNSmE1u•rrox. rrwimpritn. Sec. 24. That every negotiable instrument is deemed prima. facie to have been issued for a valuable consideration; and every person whose ’ A signature appears thereon to have become a party thereto for value. c0<;;g;m;e¤1¤¤· Wim Sec. 25, That value is any consideration Snmcient to support a simple contract. An antecedent or preexisting debt constitutes value and is deemed such whether the instrument is payable on demand br at a future time.
 * _j_;;l¤°***F· *·°“’ this purpose: and the authority of the agent may be established as in