Page:United States Statutes at Large Volume 30.djvu/828

 790 FIFTY—FIF TH CONGRESS. Sess. III. Ch. 47. 1899. d.IP*‘°*i¤°***°¤* °°¤· Sec. 39. That where an indorsement is conditional a party required m°°°' to pay the instrument may disregard the condition, and make payment to the iudorsee or his transferee, whether the condition has been fuliilled or not. But any person to whom an instrument so indorsed IS negotiated will hold the same, or the proceeds thereof, subject to the rights of the person indorsing conditionally. _ _ mI:!*;;·:¤°¤*n;f8i§; Sec. 40. That where an instrument, payable_to bearer, is indorsed umm. Pay specially it may nevertheless be further negotiated by delivery; but the person indorsing specially is liable as indorser to only such holders as make title through his indorsement. bl d f I¤¤¤¤*¤°¤*P**F*=*’>*° Sec. 41. That where an instrument is paya e to the or er 0 two or
 * ¤;I° M mm pu. more payees or indorsees who are not partners, all must indorse, unless

the one indorsing has authority to indorse for the others. Drawn. cr;-. rg mr- Sec. 42. That where an instrument is drawn or indorsed to a person °°" “° °” I"' as “cashier” or other fiscal officer of a bank or corporation, it is deemed prima facie to be payable to the bank or corporation of which he is such officer, and may be negotiated by either the iudorsement of the bank or corporation or the iudorsement of the officer. ¥***¤°"‘ ¥’*‘F°°· °'°·· Sec. 43. That where the name of a payee or indorsee is wrongly desmisspelled., . . . . . ignated or misspelled he may mdorse the mstrumentas therein described, adding, if he think fit, his proper signature. 1¤<i¤r¤1¤¤··•·¤¤¤i¤ mg- Sec. 44. That where an person is under obligation to indorse in a ttseutntive capaclt). . . y . . . ` representative capacity he may indorse in such terms as to negative personal liability. om of snuoue- Sec. 45. That except where an indorsement bears date after the ‘“°"°' *’“`“""'*"‘°“‘ maturit · of the instrument ever ue otiation is deemed rima facie to ave een e ec et e ore he ins rumen was over ue. t.t.’¤to.tt·’Lg. d " -p1»¤¤¤ presumption- Sec. 46. That except where the contrary appears every indorsement is presumed prima facie to have been made at the place where the instrument is dated. oprirfgggymtzf ¤¢- Sec. 47. That an instrument negotiable in its origin continues to be g° "’ “negotiable until it has been restrictively indorsed or discharged by pay- ment or otherwise. d°§_;;l;j_*;g_ 0*** i¤· Sec. 48. That the holder may at any time strike out any indorsement which is not necessary to his title. The iudorser whose indorsement is struck out and all indorsers subsequent to him are thereby relieved from liability on the instrument. . ingsyggzgt __§;l;·:;f suc. 40. That where the holder of an instrument payable to his order ‘ transfers it for value without indorsing it, the transfer vests in the transferee such title as the transterrer had therein and the transferee acquires, in addition, the right to have the indoisement of the transferrer. But {hr the purpose ot determining whether the transferee is a milder in due course, the nego(tiation takes effect as of the time when t ie indorsement is actually ma e. m_,,,,_ such party ma), subject to the ]II`0V\>l0¥lS of tI11S Act, reissue and further negotiate the same. _But he is not entitled to enforce payment thereof against any intervening party to whom he was personally liable. Hi;!ltYs¤·frln·hnlde·r. ARTICLE IV. RIGIITS OF THE HOLDER. nut.: ..r holder to Sec. 51. That the holder of rm negotiable instrument may sue thereon instrument. " I n ~i·s;r··' :tt._A ·i;;;¤ _ Sec. 52. That a holder in due course is a holder who has taken the ‘§""j'”` "" ’“instrument under the tbllowin conditions: site . _ _ _ g first. That it is complete and regular upon its face. Second. That he became tlte holder of it before it was overdue, and without notice that it had been previously dishonored, if such was the fact. Third. That he took it in good faith and for value. Fourth. That at the time it was negotiatedto him he had no notice of any infirnuty in the instrument or detect in the title of the person negotiating it.
 * i»;:Qm;:i;i iggax Sec.50. That where an instruntentis negotiated back to a prior party,
 * "" *’*"’“""’ in his own name, and payment to him in due course discharges the