Page:United States Statutes at Large Volume 47 Part 1.djvu/1333

 72d C ONGRESS. SESS. II. CH. 128 . FEBRUARY 27, 1933. 1309 SEC. 1406 . PAYABLE ON DEMAND.-An in stru ment is paya ble on Pa yable on dem and. de mand- (1) Where it is expressed to be payable on demand, or at sight, or on pres entation ; or (2) In which no time for payment is expressed. Wher e an ins trument is issue d, accep ted, or i ndorsed when ove r- due, it is, as r egards the perso n so issuing, ac cepting, or indor sing it, payable on demand. SEC. 1407. PAYABLE TO ORDER .- Th e instrument is payable to Payable to order . order where it is drawn payable to the order of a specified person or to him or his order. It may be drawn payable to the order of- (1) A payee who is not maker, drawer, or drawee ; or (2) The drawer or maker ; or 3) The drawee ; or 4 Two or mor e payees jointly ; or 5) One or some of several payees ; or (6) The holder o f an office for the time being. Where the instrument is payable to order the payee must be named or otherwise indicated therein with reasonable certainty. payab le to bea rer. SEC. 1408 . PAYABLE TO BEARER .-The instrument is payable to bearer- (1) When it is expressed to be so payable ; or M When it is payable to a person named therein or bearer ; or When it is payable to the order of a fictitious or nonexisting person, and such fact was known to the person making it so payable ; or (4) When the name of the payee does not purport to be the name of any person ; or (5) When the only or last indorsement is an indorsement in blank. Language of ins= - SEC. 1409. LANGUAGE OF INSTRUMENT .-The instrument need not ment. follow the language of chapters 66 to 69 of this code, but any terms are sufficient which clearly indicate an intention to conform to the re ~u ,, irements thereof. SEC. 1410. TRUE DATE.-Where the instrument or an acceptance or True date. any indorsement thereon is dated, such date is deemed prima facie to be the true date of the making, drawing, acceptance, or indorse- ment as the case may be. Ante or post dating. SEC. 1411. ANTE OR POST DATING .The instrument is not invalid for the reason only that it is antedated or postdated, provided this is not done for an illegal or fraudulent purpose. The perso n to whom an instrument so dated is delivered acquires the title thereto as of the date of delivery. Inse rtio n of date. SEC. 1412. INSERTION of DATE .-Where an instrument expressed to be payable at a fixed period after date is issued undated, or where the accepta nce of an instru ment payable at a fixed period a fter sight is undated, any holder may insert therein the true date of issue or acce ptance, and the instrume nt shall be payab le accor dingly. The insertion of a wron g dat e does not avoid the i nstru ment in the hands of a subsequent holder in due course ; but as to him, the date so inserted is to be regarded as the true date. SEC. 1413. FILLING UP BLANKS .-Where the instrument is wanting Filling up blanks. in any material particular, the person in possession thereof has a prima facie authority to complete it by filling up the blanks therein. And a signature on a blank paper delivered by the person making the signature in order that the paper may be converted into a negotiable instrument operates as a prima facie authority to fill it up as su ch for any amount. In order, however, that any such instrument when completed may be enforced agaanibt all lrrrsor_ --` ho became a party thereto prior to its Lonipletiiin, it ujvu.t be fillet izh