Cases on the Law of Bills and Notes (Volume 1); Selected from Decisions of English and American Courts (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1922 Excerpt: ... APPENDIX THE NEGOTIABLE INSTRUMENTS LAW A GENERAL ACT RELATING TO NEGOTIABLE INSTRUMENTS (BEING AN ACT TO ESTABLISH A LAW UNIFORM WITH THE LAWS OF OTHER STATES ON THAT SUBJECT) TITLE I.--NEGOTIABLE INSTRUMENTS IN GENERAL Article I.--Form And Interpretation Section 1. Be it enacted, etc., An instrument to be negotiable must conform to the following requirements: 1. It must be in writing and signed by the maker or drawer; 2. Must contain an unconditional promise or order to pay a sum certain in money; 3. Must be payable on demand, or at a fixed or determinable fu ture time; 4. Must be payable to order or to bearer; and, 5. Where the instrument is addressed to a drawee, he must be nam ed or otherwise indicated therein with reasonable certainty. Sec. 2. The sum payable is a sum certain within the meaning of this act, although it is to be paid--" 1. With interest; or 2. By stated instalments; or 3. By stated instalments, with a provision that upon default in payment of any instalment or of interest the whole shall become due; or Sm.& M.B.& N.(2d Ed.)--51 (801) 4. With exchange, whether at a fixed rate or at the current rate; or 5. With costs of collection or an attorney's fee, in case payment shall not be made at maturity. Sec 3. An unqualified order or promise to pay is unconditional within the meaning of this act, though coupled with--1. An indication of a particular fund out of which reimbursement is to be made, or a particular account to be debited with the amount; or 2. A statement of the transaction which gives rise to the instru ment But an order or promise to pay out of a particular fund is not unconditional. Sec. 4. An instrument is payable at a determinable future time, within the meaning of this act, which is expressed to be payable--1. At a fixed per...