Page:United States Statutes at Large Volume 30.djvu/834

 796 FIFTY-FIFTH CONGRESS. Sess. III. Ch. 47. 1899. WM; ¤•>¤•¤ ‘¤•¤l Sec. 114. That notice of dislionor is not required to be given to the F°"’°g"°"°°d°'°° drawer in either of the following cases: First. Where the drawer and drawee are the same person; Second. Where the drawee is a iictitions person or a person not having capacity to contract: _ _ Third. Where the drawer is the person to whom the instrument is presented for payment- _ Fourth. Where the drawer has no right to expect or require that the, drawee or acceptor will honor the instrument; or Filth. Where the drawer has countermanded payment. ..i¤¤1¤¤»r. Sec. 115. That notice of dishonor is not required to be given to an indorser in either of the following cases: First. Where the drawee is a iictitious person or a person not having capacity to contract, and the indorser was aware of the fact at the time he indorsed the instrument- Second. il7Vl1ere the indorser is,the person to whom the instrument is presented or payment- or . Third. Where the instrument was made or accepted for his accommodation. . _ ` Notice or nmny-SEo. 116. That where due notice of dishonor by nonacceptance has 'j,‘f‘,.,‘,'§,"f,‘§ “°°°*’*” been given, notice of a subsequent dishonor by nonpayment is not necessary, unless in the meantime the instrument has been accepted. _1¤4r¤¤_;·;r<»¤¤;••i<>¤¤¤ Sec. 117. That an omission to give notice of dishonor by nonaccept- . §‘,},Z,',§,,,{°° ° "°"°` ance does not prejudice the rights of a holder in due course subsequent to the omission. . WWF`? :,:2 Sec. 118. That where any negotiable instrument has been dishonored ,...u,.,.,,.;.,' it may be protested for nonacceptanee or nonpayment, as the case may beghbnt protest is not required, except in the case of foreign bills of ` exc ange. `:_fu:s·>- AETIGLE VIII. DISCHARGE OF NEGOTiABLE INSTRUMENTS. Sec. 119. That a negotiable instrument is discharged: —h•>w¢1i¤charg¤·i. d First. By payment in due course by or on behalf of the principal e tor. Second. By payment in due course by the party accommodated. where the instrument is made or accepted for accommodation. Third. By the intentional cancellation thereof by the holder. thFourth. By {any other act which will discharge a simple contract for e paymen o money. Fifth. When the principal debtor becomes the holder of the instrument at or after maturity in his own right. WEEE li:;:::` me bSEcéél20. That a person secondarily liable on the instrument is dischar. c are : g1rst.dBy3any1 act which discharges the instrument. . econ. y theintentioual cancellation of his si atur b th li ld. Third. By the discharge of a prior party. gn 8 y 0 0 er Fourth. By a valid tender of payment made by a prior party. Fifth. By a release of the principal debtor, unless the holder’s right of recourse against the party secondnrily liable is expressly reserved. Sixth. By any agreement binding upon the holder to extend the time of payment, or_to postpone the holtler’s right to entbrce the instrument, unless made with the assent of the party secondarily liable, or unless the right of recourse against such partv is ex ressl res d mglgplgg _ SEc. 121. That where the instrument is pam byla pagyigecondamly ` liable thereon it is not discharged; but the party so paying it is remitted E0 his formgr rights as regards all prior parties, and he may strike ou is own an all subse ue td s t a` ’ insqumcm, except? q n in orsemen s, and ag in negotiate the bgxpgglxgeigétps payabledto the order of a third person, and has rawer· an Second. Where it was made or accepted for accommodation and has hm i MSH Paid by the party accommodated. ’ num M ¤¤ by Sec. 1.,92. That_ the holder may expressly renounce his rights against any party to the instrument before, at. or after its maturity. An abso-