Page:United States Statutes at Large Volume 47 Part 1.djvu/1342

 1318 Det erm in ati on time. Notice of dishonor. Post, p. 1319. Post, p. 1319. Post, p. 1319. Post, p. 1320. Post, p. 1319. Post, p. 1320. Post, p. 1321. 72d C ONGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . business day, except that instruments payable on demand may, at the option of the holder, be presented for payment before twelve o'clock noon on Saturday when that entire day is not a holiday. of SEC. 1485. DETERMINATION OF TIME .-Where the inst rume nt is payable at a fixed period after date, after sight, or after the happen- ing of a specified event, the time of payment is determined by exclud- ing the day from which the time is to begin to run, and by including the date of payment. CROSS REFERENCE Ante, p. 1124. Excluding first day and including last day, see section 9. Payable at bank. SEC. 1486 . W HERE PAYABLE AT BANB..-Where the instrument is made payable at a bank it is equivalent to an order to the bank to pay the same for the account of the principal debtor thereon. Payment in due SEC. 1487. PAYMENT IN DUE COURSE .-Payment is made in due course. course when it is made at or after the maturity of the instrument to the holder th ereof in good fa ith and without notice that his t itle is defective. NOTICE OF DISHONOR SEc. 1488. No TICE of DIsnoNoR.-Except as herein otherwise pro- vided, when a negotiable instrument has been dishonored by non- acceptan ce or no npayment, notice of dish onor must be give n to the drawer and to each indorser, and any drawer or indorser to whom such notice is n ot given is disc harged. CRO SS RE FERE NCES Notice to bankrupt, see section 1500. Notice to partners, see section 1498. Notice to persons jointly interested, see section 1499. Notice to subsequent party, see section 1506. Notice where person is dead, see section 1497. When notice need not be given to drawer, see section 1513. When notice need not be given to indorser, see section 1514. By whom given. SEC. 1489. BY WHOM GIVEN.-The notice may be given by or on behalf of the holder, or by or on behalf of any party to the instrument who might be compelled to pay it to the holder, and who upon taking it up would have a right to reimbursement from the party to wh om the notice is give- Notice of dishonor, SEC . 1490. NOTICE or DISHONOR.-Notice of dishonor may be given by agent. by an agent eith er in his own namd or in the name of any party entitled to give notice, whether that party be his principal or not. CR OSS REFER ENCE When agent m ay giv e notic e, see sectio n 1493. Effect of notice, by SEC. 1491 . EFFECT Or NOTICE .-Where notice is ven by or on holder. behalf of the holder, it inures for the benefit of all su sequent holders and all prior parties who have a right of recourse against the party to whom it is given. By party entitled to SEC. 1492. EP'r'E CT WHERE NOTICE I9 GIVEN BY PARTY ENTITLED give. THERETO.--Where notice is given by or on behalf of a party entitled to give notice, it inures for the benefit of the holder and all parties subsequent to the party to whom notice is given. Wh en agent may SEC. 1493. WHEN AGENT MAY GIVE NOTICE.-Where the instrument gi ve. has been dishonored in the hands of an agent, he may either himself give notice to the parties liable thereon or he may give notice to his