Page:United States Statutes at Large Volume 47 Part 1.djvu/1352

 1328 Bills in a set. Constitutes one bill. Where different parts are negotiated. Liability of holder. Acce ptance. tor. Payment by accep- whole bill dis- charged. PROMISSORY NOTES AND CHECKS. An te, p. 1307; post, Now.-Chapters 66 to 69 of this code comprise the Uniform Negotiable Instru- p.1329. ments Act. SEC. 1583. PROM ISS ORY NO TE .DEFINED .- A negotiable promissory note wit hin the m eani ng of chapters 66 to 69 of this code is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand, or at a.fixedor determinable future time, a sum certain in money to order or to bearer, but the negotiability of a promissory note otherwise nego- tiable in form, secured by a mortgage or deed of trust upon real or personal property, shall not be affected or abridged by reason of a statement therein that it is so secured, nor by reason of the fact that said instrument is so secured, n or by any condit ions contained in the mortgage or deed of trust securing the same. Where a note is drawn to the maker's own order it is not complete until indorsed by him. SEC. 1584. CHECK DEFINED .-A check is a bill of exchange drawn on a ba nk payable on demand. Except as herein otherwise pro- vided, the provisions of chapters 66 to 69 of this code applicable to a bill of exchange payable on demand apply to a check. Time for presenting. SEC. 1585. TIME FOR PRESENTING CHECK :A check must be pre- sented for payment within a reasonable time after its issue or the drawer will be discharged from liability there on to the extent of the loss caused by the delay. SEC. 1586. CERTIFIED CHECK .-Where a check is certified by the bank on which i t is dra wn, the certific ation is equival ent to an acceptance. Definitions. Promissory note. Check. eroded check. 72d CONGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . BILLS IN A SET SEC. 1577 . Bn.Ls IN SETS ONE BILL.-Where a bill is drawn in a set, each part of the set being numbered and containing a reference to the other parts, the whole of the parts constitutes one bill. SEC. 1578. WHERE DIFFERENT PARTS ARE NEO0TIATED :Where two or more parts of a set a re negot iated to differen t holder s in due course, the holder whose title first accrues is, as between such holders, the true owner of the bill. But nothing in this section affects the rights of a person who in due course accepts or pays the part first presented to him. SEC. 1579 . LL ISILITY of HOLDER .-Where the holder of a set indorses two or more parts to di fferent persons he is liable on e very such part, and e very indorser su bsequent to him is liable on the part he has himself indorsed, as if such parts were separate bills. SEC. 1580 . AcCEPTANCE.--The acceptance may be written on any part and it must be written on one part only. If the drawee accepts more than one pa rt, and such acc epted parts are negotiated to dif fer- ent holders in due course, he is liable on every such part as if it were a separate bill. - SEC. 1581 . PA YMENT BY ACCEPTOR .--When the acceptor of a bill drawn in a set pays it without requiring the part being his accept- ance to be delivered up to him, and that part at maturity is outstand- ing in the hands of a holder in due course, he is liable to the holder thereon. SEC. 1582. WHOLE BILL DISCHARGED.-Except as herein otherwise provided, where any one part of a bill drawn in a set is discharged by payme nt or ot herwise the whol e bill i s dischar ged. CHAPTER 68 .-P ROMISSORY NOTES AND CHECKS