Page:United States Statutes at Large Volume 31.djvu/1450

 1398 FIFTY-SIXTH CONGRESS. Sess. II. Ch. 854. 1901. auQgg§g{;fi¤8 ‘*“”°“’ Sec. 1319. ICOMPLETING wrmorrr AU·rnonrrY.—Where an incomplete instrument has not been delivered it will not, if completed and negotiated without authority, be a valid contract in the hands of any (liolder as against any person whose signature was placed thereon before e ivery. 1>·=¤iv<¤r>·- Sec. 1320. DnL1vnmr.—Every contract on a negotiable instrument is incomplete and revocable until delivery of the instrument for the —wh··¤¤ ·¤¤‘¤¤=¤¤1- purpose of giving effect thereto. As between immediate parties and as regards 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 urpose only, and not for the purpose _W*‘°“ *"°““m°"· of transferring the property in the instrument. But where the instrument is in the hands of a holder in due course, a valid delivery thereof by all arties 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 party whose signature appears thereon, a valid and _ intentional delivery by him is presumed until the contrary is proved. i,,§°§,§§f,'Q§§§§§m‘§@ Sec. 1321. CONSTRUCTION.·—Wlrh€T€ the language of the instrument ¤¤¤· is ambiguous, or there are omissions therein, the following rules of construction apply: "“‘l““· First. Where the sum payable is expressed in words and also in figures 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 fix 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 thereof. 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 conflict 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 makin g·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. - W,{·g¤g*l**Y .0* P°*S°¤ Sec. 1322. WH0 NOT LIABLE oN.—No person is liable on the instrugns in a trade . . or assumed name ment whose s1gnature 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¤¤¤¤€ by agent- Sec. 1323. SIGNATURE BY AGENT.-—The signature of any party may Shj‘;jgIfh°’**Y» h°"' be made by a duly authorized agent. No particular form of appoint- ` ment is necessary for this purpose, and the authority of the agent may be established as in other cases of agency. Hégegt. when not Sec. 1324. Aonxr, wnnx Nor LIABLE oN.—Where the instrument ° ° m` contains or a person adds to his 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 filling a representative character without disclosing his principal does not exempt him from personal liability.