Page:United States Statutes at Large Volume 47 Part 1.djvu/1346

 1322 72d C ONGRESS. SESS. II. CH. 128 . FE BRU ARY 27, 193 3. Renunciation by holder. Cancellation. Altera tion. Ma teri al a ltera tion. as regards all prior parties, and he may strike out his own and all subse quent indorsem ents, and agai n negotiate the instrument, exce pt- (1) W here it is paya ble to the orde r of a third pe rson , and has been paid by the draw er ; and (2) W here it was mad e or acc epte d for a ccom moda tio n, and has been paid by the party accommodated. SEC. 1521. RENUNCIATIO N BY HOLDER .- T he holder may expressly renounce his rights against any party to the instrument, bef or e, at, or af ter its maturity. An absolute and unconditional renunciation of his rights against the principal debtor made at or after the maturity of the instrument discharges the instrument. But a renun- ciation do es not affect the rights of a holder in due course without notice. A renunciation must be in writing, unless the instrument is delivered up to the person primarily liable, thereon. SEC. 1522 . CANCELLATION.-A cancellation made unintentionally, or und er a mis take or wit hout the aut hori ty of the h olde r, is in oper - ative ; but where an instru ment or any sign ature thereon ap pears to ha ve been canceled the burden of proof li es on the par ty who alleges that the cancellation was made unintenti onally, or unde r a mistake or without authority. SEC. 1523 . ALTERATION. - Wh e re a negotiable instrument is mate- rially altered without the assent of all parties liable thereon, it is avoided, except as against a party who has himself made, authorized or assented to the alteratio n, and subsequent indorsers. But when an instrument has been materially altered and is in the hands of a holder in clue cour se, not' a party to the alt erat ion, lie may enforce pay me nt thereof according to its original tenor. SEC. 1524 . MATERIAL ALTERATION . -Any alt erat ion whi ch c han ges- (1) The date ; (2) The sum payable, either for principal or interest ; (3) The time or place .of payment ; 4) The number or the relations of the parties ; (5) The me dium or curr enc y in whi ch p aym ent is to be made ; Or which adds a place of payment where no place of payment is spec ifie d, or any o ther cha nge or a ddi tion whi ch alters the effect of the instrument in any respect, is a material alteration . BILLSOFEx- CH ANGE . CHAPTER 6q .-BILLS OF EXCHANGE An te, p. 1307 ; past, NoTE .-Chapters 66 to 69,, of this code comprise the Uniform Negotiable p. 1329. Instruments Act. Form and Interpreta- tion . F ORM AND INTERP RETATION Defined. SEC. 1525. BILL OF EXC HANC3E DEFINED . - A bill of exchange is an unconditional order in writin g addressed by one person to ano ther, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer . Not an assignment of SEC . 1 526. NOT AN ASSIGNMENT OF FUNDS .-A bill of itself does funds. not ope ra te as an assignment of the funds in the hands of the drawee available for the payment the reof, and the dr awee is not liab le on the bill unless and until he accepts the same. than one erawee .Addressed to more SEC. 1 527. ADDRESSED To MORE THAN ONE DRAWEE .-A bill may be addressed to two or mo re drawees jointly, whether th ey are part- ners or not ; but not to two or more drawees in the alternative or in succession. bills. and and foreign SE C. 1528. INJ.AND AND FOR EIGN BILLS .-An . inland bi ll of e xch ange is a bi ll w hich is, or on its face purports to be, both drawn