Page:United States Statutes at Large Volume 31.djvu/1455

 FIFTY-SIXTH CONGRESS. Sess. II. Ch. 854. 1901. 1403 persons negotiating public or corporate securities other than bills and notes. · Sec. 1370. WHAT moonsna WARRANTS TO soesaoonaw Hom>E1zS.—— ,,,‘,;f,'§§§,§f’ °* g"“““" Every indorser who indorses without qualification warrants to all subsequent holders in due course- First. The matters and things mentioned in subdivisions one, two, and three of the next preceding section; and, ‘ Second. That the instrument is at the time of his indorsement valid - and subsistin. · And, in agdition, he enga es that on due presentment it shall be accepted or paid, or both, as t§e case may be, according to its tenor, and that if it be dishonored and the necessary proceedings on dishonor be duly taken, he will pay the amount thereof to the holder or to any subsequent indorser who may be compelled to pay it. I SEo. 1371. Innonsmo PAPER NEooTrAnLE BY uE1.1vERY.—Where a gO§‘§§§’§§§’,§_{’g§§gr*;?< person places his indorsement on an instrument negotiable by delivery e incurs all the liabilities of an indorser. _ Sec. 1372. IN WHAT ommn mnonsnns L1AELE.——As res ects one d§§;,§§§‘§,‘b1§fd°’ "" another indorsers are liable prima facie in the order in which they indorse, but evidence is admissible to show that as between or among themselves they have agreed otherwise. Joint payees or joint indorsees who indorse are deemed to indorse jointly and severally. _ _ Sec. 1373. NEGOTIATION BY AGENT.·—VVll€1`8 a broker or other agent ,g§§§°*‘“"°“ by negotiates an instrument without indorsement he incurs all the liabilities prescribed by section thirteen hundred and sixty-nine of this act, unless he discloses the name of his principal and the fact that he is ' acting only as agent. Sec. 1374. PRESENTMENT Fon PAYMENT, WHERE TO BE MADE.—Pre— mfQ,§§’§€“t“‘°“‘f°’p“" sentment for payment is not necessary in order to charge the person jlggi Seggslyoiy ¤¤ primarily liable on the instrument, but if the instrument is by its p P ` terms payable at a special place and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to a _ tender of payment upon his part. But, except as herein otherwise Qr',l’“‘w‘” and “‘d°’* provided, presentment for payment is necessary in order to charge the drawer and indorsers. Sec. 1375. WHEN TO BE_ MADE.—VVl1€1‘€ the instrument is not pay- Whénm be madeable on demand presentment must be made on the day it falls due. lVhere it is payable on demand presentment must be made within a reasonable time after its issue, except that in the case of a bill of exchange presentment for payment will be sufficient if made within a reasonable time after the last negotiation thereof. _ Sec. 1376. WHAT is SUFFICIENT.—PY€S€Htm€Ht for payment to be p,l,lQ;’§§m§§;,f“m°i€°t sufficient must be made- First. By the holder or by some person authorized to receive pay- ment on his behalf. Second. At a reasonable hour on a business day. ` Third. At a proper place, as herein defined. _ Fourth. To the person primarily liable on the instrument, or, if he is absent or inaccessible, to any person found at the place where the presentment is made. P1 { t SEo. 1377. Presentment for payment is made at the proper place- msngce ° mm ` First. Where a place of payment is specified in the instrument and it is there presented. Second. \Vhere no place of payment is specified, but the address of the person to make payment is given in the instrument and it is there presented. Third. `Where no place of payment is specified, and no address is given and theinstrument is presented at the usual place of business or residence of the person to make payment. Fourth. In any other case if presented to the person to make pay-