Page:United States Statutes at Large Volume 47 Part 1.djvu/1334

 1310 72d CONGRESS. SESS. -II. CH. 128 . F EBRUARY 27, 1933 . strictly in accordance with the authority given and within a reason- able time. But if any such instrument, after completion, is nego- tiated to a holder in due course, it is valid and effectual for all purposes in his hands, and he may enforce it as if it had been filled up strictly in a ccordance with the autho rity given and within a reas onabl e time. In co mpl ete ins tru - SEC. 1414. INCOMPLETE INSTRUMENT NOT DELIVERED : here an ment not delivered. incomp lete ins trument has not been del ivered it will no t, if co mpleted and negotiated, without authority, be a valid contract in the hands of any holder, a s against any person who se signature was placed thereon before delivery. Delivery necessary. SEC. 1415. DELIVERY NECESSARY.-Every contract on . a negotiable instrument is incomplete and revocable until delivery f the instru- ment for the purpose of giving effect thereto. As between immediate parties, and as regards a remote party other than a holder in due course, the delivery, in order to be effectual, must be made either by or under the authority of the party making, drawing, accepting, or indorsing, as the case may be ; and in such case the delivery may be shown to have been conditional, or for a special purpose only, and not for the purpose of transferring the property in the instru- ment. But where the instrument is in the hands of a holder in due course, a valid delivery thereof by all parties prior to him so as to make them liable to him is conclusively presumed. And where the instrument is no longer in the possession of a par ty whose signa ture appear s the reon, a va lid an d int entio nal de liver y by him is presumed until the contrary is proved. tlon. hulas of const ruo SEC. 1416. RULES OF CONSTRUCTION .-Where the language of the instrument is ambiguous or there are omissions therein, the following rules of construction apply (1) Where the sum payable is expressed in words and also in figures and there is a discrepancy between the two, the sum denoted by the words is the s um payable ; but if the words are ambiguous or uncertain, reference may be had to the figures to fix the amount ; (2) Where the instrument provides for the payment of interest, with out spec ifyi ng the date from which inte rest is to run, the interest runs from the date of the instrument, and if the instrument is undated, from the issue thereof ; (3) Where the instrument is not dated, it will be considered to be dated as of the time it was issued ; (4) Where there isa conflict between the written and printed provisions of the instrument, the written provisions prevail ; (5) Where the instrument is so ambi guo us t hat ther e is dou bt whether it is a bill or note, the holder may treat it as either at his election ; (6) Where a signature is so placed upon the instrument that it is not clear in what capacity the person making the same intended to sign-, he is to be deemed an indorser ; (7) Where an instrument containing the words "I promise to pay" is signed by two or more persons, they are deemed to be jointly and severally liable thereon. Liability on. SEC. 1417. LIABILITY ON INSTRUMENT.-No person is liable on the instrument whose signature does not appear thereon, except as herein otherwise expressly provided. But one who signs in a trade or assumed name will be liable to the same extent as if he had signed in his own name. Sig nature by a gent. SEC. 1418 . SIGNATURE BY AGENT .-The signature of any party may be made by a duly authorized agent. No particular form of appoint- ment is necessary for this purpose ; and the authority of the agent may be establis hed as in other c ases of agency.