Page:United States Statutes at Large Volume 47 Part 1.djvu/1331

 72d C ONGRESS. SESS. II. CH. 128 . FEB RUARY 27, 1933 . p erson name d as legal owne r in the r egist ratio n cer tific ate, shall be d eemed for the purpose of this secti on, a s the hold er of the legal title. SEC. 1395. LIEN HOLDER MAY SELL PROPERTY ; NOTICE OF SALE ; PRO- CEEDS.-If the person entitled to the lien provided for in section 1393 be not pa id the amount due and for which said lien is given, within twenty da ys after the sa me shall have become due, then such lien holder may proceed to se ll sa id property, or so much thereof as may be necessary to satisfy said lien and costs of sale, at public auction, and by giving at least ten days' previous notice of such sale by adver tisin g in some newsp aper of ge neral circ ulati on in the Canal Zone. The proceeds of the sale must be applied to the discharge of the lie n and the cost of ke eping and selli ng the pro perty ; the remainder, if any, must be paid over to the owner thereof. CROSS REFERENCE Extinguish .nent of lien by sale or conversion, see section 1330. SE C. 1396. LI EN OF FACTOR. -A fa ctor has a gene ral l ien, depen dent on possession, for all that is due to him as such, upon all articles of com me rci al value that are intrusted to him by the sam e principal. CR OSS REFERENCES Fac tor's enfo rceme nt of lie n, see section 880 . Power of pledging, see section 1372 . SEC. 1397. BANKER 'S LIEN .-A ba nker has a gene ral l ien, depen d- ent on possession, u pon all property in his hands belonging to a custo mer, for the ba lance due to him fro m suc h cus tomer in the course of the business. SEC. 1398. OFFICER'S LIEN .-An officer who levies an attachment or execution up on personal property acquires a special lie n, de pe nd- ent on possession, upon such property, which authorizes him to hold it until the process is discharged or satisfied, or a judicial sale of the property is had. CH APT ER 66 .-NEGOTIABLE INSTRUMENTS IN GENERAL Nore .-This chapter and chapters 67 to 69 of this code comprise the Uniform Nego tiabl e Instruments Act. FORM AND INTERPRETATION SEC. 1400 . REQU IREME NTS FOR NE GOTIA BLE INSTR UMENT .-An in- strum ent to be negot iable must conf orm to the foll owing requ ireme nts (1) It must be in writing and signed by the maker or drawer ; (2) Must contain an unconditional promise or order to pay a sum cert ain in money ; (3) Must be payable on demand, or at a fixed or determinable future time ; 4) Must be payable to order or to bearer and (5) Where the instrument is addressed to a drawee, he must be named or otherwise indicated therein with reasonable certainty . SEC . 1401 . SUM PAYABLE CERTAIN .-The sum pa yab le is a sum cer - tain within the meaning of chapters 66 to 69 of this code, although it is to be paid- 1) With interest ; or (2) By stated installments ; or 1307 Lie n holder may sell ; notice ; proceeds. Ante, p. 1306. Ante, p. 1299. Lien of factor. Ante, p . 125L Ante, p.1304. Banker's lien . officer's lien. NEG OT IAB LE INSTRUMENTS IN GENERAL. Post, pp. 1322-1329. Form and i nterp reta- tion. Requirements . Sum certain .