Page:United States Statutes at Large Volume 47 Part 1.djvu/1209

 7c1 CONGR ESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . Csoss RErEan_ccas Assignment of things in action, see section 233. Ante, p. 115 8 . Incidents following things transferred, see section 280. Ante, p.1163. Literary property is assignable, see section 242. Ante, p. 1159. Mere possibility can not be transferred, see section 262 .' Ante, p. 1161. Nonnegotiable instrument transferable by indorsement, see section 445 Products of the mind, assignment of, see section ?40. Ante, p. 1158 . Property of any kind may be transferred, see section 261. Ante p.1161. SEC. 445. NONN EGO TIA BLE IN STRU MEN TS MAY BE TRA NSF ERR ED .-A nonnegotiable written contract for the payment of money or personal property may be transferred by indorsement, in li ke manner with negoti able i nstru ments. Such indorsement shall transfer all the rights of the assignor under the instrument to the assignee, subject to all equities and defenses existing in favor of the maker at the time of the indorsement. 1185 Nonnegotiable in- struments may be uansterm. Extinction of obli ge- EXTINCTION OF OBLIGATIONS tions. PERF OIIM AN CE : By performance. SEC. 446 . OBLIGATIO N EXTING UISHED BY PERFORMANCE .-Full per- formance of an obligation, by the party whose duty it is to perform it, or by any other person on his behalf, and with his assent, if accepted by the creditor, extinguishes it. SEC. 447 . PER FORM ANCE BY ONE OF SEVERAL JOINT DEBTORS.-Per- jointBy one de bt ors of . formance of an obligation by one of several persons who are jointly liabl e un der it e xtin guis hes the liab ility of all. SEC. 448. PERFORMANCE TO ONE OF JOINT CREDITORS .-An obligation to so one of joint credi- in favor of joint creditors is extinguished by performance rendered to any of them, except in the case of a deposit made by joint owners, Peat, pp. in-iii. which is regulated by chapters 36 to 38 of this code on deposit. CROSS R xacs Performance to one of joint creditors, see section 711. SEC. 449. EFFECT OF DIRECTIONS BY CREDITORS .--If a creditor, or Effect of directions by creditors. any one of two or more joint creditors, at any time directs the debtor to perform his obligation in a particular manner, the obligation is extinguished by performance in that manner, even though the creditor does not receive the benefit of such performance. SEC. 450. PAR TIA L PERFORMANCE .-A partial performance of an Part performance. indivisible obligation extinguishes a co rrespo nding p roporti on thereof if the benefit of such performance is voluntarily retained by the creditor, but not otherwise. If such partial performance is of such a nature that the creditor can not av oid retaining it without injuring his own property, his retention thereof is not presumed to be voluntary. CROSS R1 rws Effect of part performance, see sections 454, 481, and 1281. 128 • pp. 1186, 1189, SEC. 451 . 'PAYMENT, wHAT .-Performance of an obligation for the Payment,t'desnea . delivery of money only is called payment. P031, p. 1227. s ever al Cross Rae-rxElvcn Tender, effect of, see sections 468 and 472. Application of gen• SEC. 452. -APPLICATION OF GENERAL PERFORMANCE .-here a debtor, oral performance . under several obligations to another, does an act, by way of perform- 3051 „-33-75 Foot, p. 1188.