Page:United States Statutes at Large Volume 31.djvu/1461

 FIFTYYSIXTH CONGRESS. Sess. H. Ch. 854. 1901. 1409 SEC, 1429. WHAT rs A MATERIAL A1.rnRAr1oN.——Any alteration whi·ch 5yg;~&(jg_ a materiel changesirst. The date. Second. The sum payable, either for principal or interest. Third. The time or place of payment. Fourth. The numberor the relations of the parties. Fifth. The medium or currency in which payment is to be made. Or which adds a place of payment where no place of payment is Specified, or any other change or addition which alters the effect of the instrument in any respect is a material alteration. Sec. 1430. Foim or BILL or nxor1ANen.—A bill of exchange is an ggglgéggccheuee. unconditional order in writing addressed by one person to another, ‘ signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer. V Sec. 1431. Nor AN ASSIGNMENT or RUNDs.—A bill of itself does Ofbglggsé ***‘Slg¤m€¤l not operate as an assignment of the funds in the hands of the drawee available for the payment thereof, and the drawee is not liable on the bill unless and until he acce ts the same. _ Sec. 1432. To wrroivr ADffRnSsED.—A bill may be addressed to two mf§‘g§§ha§j,*§g§§;,Q,€;¤ or more drawees ointly, whether they are partners or not, but not to ' two or more drawees in the alternative or succession. ‘ Sec. 1433. FoRE1eN AND INLAND 1z11.1.s.—An inland bill of exchange bifigfeign and iekmd is a bill which is or on its_ face purports to be both drawn and payable ga within this District. Any other bill is a foreign bill. Unless the contrary appears on the face of the bill the holder may treat it as. an inland bill. · Sec. 1434. YVHERE DRAWER AND DRAWEE SAME r1eRsoN.—Where in dr;Vv§g;‘;a“gg‘;g;Sl§,{ld a bill drawer and drawee arenthe same person, or where the drawee is ` a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchan ie or a romissory note. . · - Sec.g1435., ]Ei.)EEEREE IN CASE OF NEED.—The drawer of a bill and nggffgwe m Cm Of any indorser may insert thereon the name of a person to whom the ‘ holder may resort in case of need; that is to say, in case the bill is dishonored by nonacceptance or nonpayment. Such person is called the referee in case of need. It is in the option of the holder to resort to the referee in case of need or not, as he may see  _ _ · . Sec. 1436. AooErrrANoE.~—~Thc acceptance of a bill is the s1gn1iica— -A°$"’P“*“°"· tion by the drawee of his assent to the order of the drawer. The ‘h°“’ m“d"· acceptance must be in writing and signed by the drawee. It must not eflcpress that the drawee will perform his promise by anyother means t an the a ment of money. Sec.   The holder of a bill presenting the same for acceptance ,m§é’,§;gC€°§1§i*l§§€f)@ may require that the acceptance be written on the bill, and if such a bill. request is refused may treat the bill as dishonored. ` SEO. 1438. Where an acceptance is written on a paper otherthan mjL*§,°§]§§§fHj€‘;11; 561** the bill itself it does not bind the acceptor except in favor of a person ` tfo whom it is shown and who, on the faith thereof, receives the bill or value. . Sec. 1439. ACCEPTANCE BEFORE R1L1. DRAWVN.—.A1’1 unconditional b,{}§§,g§;f°G b‘*f°’° promise in writing to accept a bill before it is drawn is deemed an actual acceptance in favor of every person who, upon the faith thereof, receives the bill for value. 1 · Sec. 1440. Tnun ALLOWED Ron AGCE1’TING.—ThG drawee is allowed Mlggiggngllewed for twenty-four hours after presentment in which.to decide whether or ` apt (pe will- accept the bill; but the acceptance, if given, dates as of » B a of resentation. SEe?71441}l ACCEPTANCE, WHEN DEEMED MADE.~—WhBTG a drawee to d£gf§§§§,‘,;§,‘g_ “’h°“ WhOH1 a bill is delivered for acceptance destroys the same or refuses y