Page:United States Statutes at Large Volume 47 Part 1.djvu/1353

 72d CONGRESS. SESS. II. CH. 128. h E13RUARY 27, 1933 . SEC. 1587. EV'b'ECT OF ACCEPTANCE OR CERTIFICATION .-Where the Effect of acceptance holder of a check procures it to be accepted or certified the drawer or eertifieaciona and all indorsers are discharged from liability thereon. SEC. 1588. INHEN C HECK OP ERA TES A8 ASSIGNMENT.-A check of When check operates itself does not operate as an assignment of any part of the funds to as assignment the credit of the drawer with the bank, and the bank is not liable to the holder, unless and until it accepts or certifies the check. CHAPTER 69 .-GENERAL PROVISIONS RESPECTING VISIONS RESPECT- ING NEGOTIABLE NEGOTIABLE INSTRUMENTS INSTR UMENTS. NoTE.-Chapters 66 to 69 of this code comprise the Uniform Negotiable Ante, pp. 1307-1329 . Instruments Act. SEC. 1589. DEFINrrmoNs.-In chapters 66 to 69 of this code, unless Def initio ns. the context other requires- "Acceptance " me ans an acc ept anc e completed by delivery or not ifica tion- "Action " includes counterclaim and set-off. sc Bank " includes any person or association of persons carrying on the business of banking, whether incorporated or not . " Bearer " means the person in possession of a bill or note which is payable to bearer . "Bill" means bill of exchange, and note " m eans negotiable promissory note. "Delivery" means tr ans fe r of posse ssion, a ctual or c ons truc tive , from one person to another. "Holder" means the payee or indorsee of a bill or note, who is in possession of it, or the bearer thereof. " In do rs em en t " means an indorsement completed by delivery. " Instrument " means negotiable instrument. " T.-,sue " means the first delivery of the instrument complete in form, to a person who takes it as a holder. " Person " includes a body of persons, whether incorporated or not. " Value " means valuable consideration. "Written " includes printed ; and " writing " includes print. SEC. 1590 .- PERSON PRIMARILY LIABLE ON INSTRUMENT .-The person Person primarily ]in- " primarily " liable on an instrument is the person who by the terms , Per son on i nstrume nt, of the instrument is absolutely required to pay the same. All other parties are " secondarily " liable. SEC. 1591. REASONABLE TIME, WHAT CONSTITU TES. - In determining Reasonable time. what is a " reasonable time " or an " u nreaso nable time ," re gard is to be had to the nature of the instrument, the usage of trade or business (if any) with respect to such instruments, and the facts of the particular ease. SEC. 1592. TIM E, HOW CO MPUTED WH EN LAST DAY FALLS ON HOLI- Time coin s on bon, last day falling w boll- DAY .-Where the day, or the last day, for doing any act herein day required or permitted to be done falls on Sunday or on a holiday, the act may be done on the next succeeding secular or business day. SEC. 1593. APPLICATION OF CHAPTERS 66 TO 69 .-The provisions of tern 66 1to 69 n of Chap chapters 66 to 69 of this code do not apply to negotiable instruments An te, pp .1307-1329, made and delivered prior to th e taking effect hereof. In any case not provided for in said chapters the rules of the law merchant shall govern. 3051'-33-84 1329