Page:United States Statutes at Large Volume 31.djvu/1449

 FIFTY-SIXTH CONGRESS. Sess. II. Ch. 854. 1901. 1397 Where an instrum_ent is issued, accepted, or indorsed when overdue, it is, as regards the person so issuing, accepting, or indorsing it, payable on demand. DEC. 1312. INSTRUMENT PAYABLE TO oRDER.—The instrument is f1V¤€¤ v¤v¤¤1<= w payable to order where it is drawn payable to the order of a speci- or "' fieg person or to him or his order. It may be drawn payable to the or -er of- First. A payee who is not maker, drawer, or drawee; or, Second. The drawer or maker; or, 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. 1313. INSTRUMENT PAYABLE T0 BEAnER.——The instrument is bexlgfn P"Y“bl° *0 pavable to b€{Ll‘Bl‘—·- ' First. When it is 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. SEo. 1314. WHAT SUFFICIENT LANGUAGE.--The instrument need not c,§I${mS» Wh°“ *‘“m· follow the language herein employed, but any terms are sufficient ` ylvhichf clearly indicate an intention to conform to the requirements ereo. Sec. 1315. PRESUMPTION AS TO 1>ATE.——\Vhere the instrument or d,§;f*“m¥’“°“ **5 “’ an acceptance or any indorsement thereon is dated, such date is deemed prima facie to be the true date of the making, drawing, acceptance, or indorsement, as the case may be. _ Sec. 1316. ANTEDATTNG AND POSTDATING.—ThB instrument is not ,,O·’,§f,‘,.f,§,‘}§`f"“g md invalid for the reason only that it is antedated or postdated: Provided, P#‘gvi€<>- b f d That this is not done for an illegal or fraudulent purpose. The erson Egg etc? 8 mu u` to whom an instrument so dated is delivered acquires the title thereto as of the date of delivery. _ Sec. 1317. WANT OF DA'1`E.—\Vl1€1`€ an instrument expressed to be ,,,;;§;§_d“‘*" mw be payable at a fixed period after date is issued undated, or where the acceptance of an instrument 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 insertion 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. 1318. BLANKS.—·VVh€l'B the instrument is wanting in any mate- b€Bé%*;§S· when may rial particular, the person in possession thereof has a prima facie ' authority to 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 fill 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 iilled up strictly in accordance with the authority given and within a reasonable time; butiif any such instrument, 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 iilled up strictly in accordance with the authority given and within a reasonable time.