Page:United States Statutes at Large Volume 31.djvu/1466

 1414 Einrrsixrn CONGRESS. sESS. H. on. 854. .1901. 0f**Y¤¤°¤ibY ¤°°°Pt· Sec. 1486. When the acceptor of a bill drawn in a set pays it Without, ` requiring the part bearing his acceptance to be delivered up to him, and that part at maturity is outstanding in the hands of a holder in due course, he is liable to the holder thereon. j ingfggsgsgg di$°lmg· Sec. 1487. Except as herein otherwise provided, where any one pmt tof a bill drawn in a set is discharged by spayment or otherwise the whole bill is discharged. . - m¥;{g*,§;g§Q;Y ¤°*°S Sec. 1488. 'Pnoivnssonr NOTES AND oHneKs.—A negotiable proinis. Definitions sory note, within the meaning hereof, is an unconditional promise in writing, made by one personto another, signed by the maker, engeg. ' 3 ing `topay on demand or at a hxed or determinable future time a sum +pmmiss<>vy notes. certain in money to order or to bearer. Vilhere a note is drawn to the maker’s own order it is not complete until indorsed by him. —ch•e=ck. Sec. 1489. A check is a bill of exchange drawn on a bank payable on demand. Except as herein otherwise provided, the provisions hereof applicable to a bill of exchange payable on demand apply to e check. Q‘Q}§§,,H‘?,*g§°}§,,‘§Q;F Sec. 1490. WHEN onnon Musr nn `IQLESENTED ron rArNrnNr.—A ment ch_eck must be presented for payment within a reasonable time after its issue or the drawer will be discharged from liability thereon to the ` _ _ extent of the loss caused by the delay. ’ · g]§§§“"‘“g °h°°k· Sec. 1491. CERTIFYING- CHEOK.·—Wh81‘€ a cheek is certified by the ‘ · bank on which it is drawn the certification is equivalent to an acceptance. . . j §§‘?“‘°d by h°m°”’ Sec. 1492. DRAWER AND mnonsnns 1>rsoHAnon1>.—Where the _ holder of a check procures it to be accepted or certified the drawer _ and all indorsers are discharged from liability thereon. m§,*j§‘gl§’g§,§,{;§“SS1g“‘ Sec. 1493. ‘CHEGK NOT AN ASSIGNMENT on nUNDs. ———A check of · itself does not operate as an assignment of any part of the funds to the credit of the drawer with the bank, and the bank is not liable to the holder unless and until it accepts or certifies the check. CHAPTER FORTY—SEVEN,‘ Partners. P ,ngg§;gg;§i%’11gmbYgjg*; Sec. 1494. COMPOSITION WITH onnnrrons ON DISSOLUTION.—WhB1`G a nm. a partnership` is dissolved, by mutual consent or otherwise, any partner may make a separate composition or compromise with any creditor of . the partnership; and such composition or compromise shall be a full and effectual discharge to the debtor who makes the same, and to him only, of and from all and every liability to the creditor with whom . _ the same is made, according to the terms thereof. 9 §gg$<§§¤d“§)@Lrt§§£ Sec. 1495. Every such debtor who makes such composition or comfrom iiabnny., promise may take from the creditor with whom he makes the same a ` note or memorandum, in writing, exonerating him from all and every individual liability incurred by reason of his connection with the partnership, which note or memorandum may be given in evidence by such debtor, in bar of such creditor’s right of recovery against him; and if such liability be by judgment, then, on the production and filing with the clerk of the notes or memorandum, the clerk shall enter the judgment as released by the plaintiff as far as the compromising debtor is concerned. 9 . EggQ§§,g§§“§ffS mt Sec. 1496. Such compromise or composition with an individual `member of a firm shall not be held to discharge the other partners, nor shall it impair the right of the creditor to proceed against such members of the partnership as have not been discharged; and the meinbers of the partnership so proceeded against shall* be permitted to set , _ off any demand against the creditor which could have been set off had .` the suit been brought against all the individuals composing the firm.