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To what instruments

SECTION 3088. Must be for unconditional payment of money.

3089. Payee.

3090. Instrument may be in alternative.

3091. Date, etc.

3092. May contain a pledge, etc.

3093. What it must not contain.

3094. Date.

3095. Different classes of negotiable instruments.

SEC. 3086. The provisions of this Title apply only to this Title is negotiable instruments, as defined in this article. N. Y. C. C., Sec. 1712.

applicable.

Negotiable instrument, what.

Must be for uncondition.

SEC. 3087. A negotiable instrument is a written promise or request for the payment of a certain sum of money [to a person, or] to order or bearer, in conformity to the provisions of this article.

SEC. 3088.

N. Y. C. C., Sec. 1713.

NOTE.-Words in brackets, "to a person, or," inserted on authority of Sec. 1, "Bills of Exchange and Promissory Notes" (Hittell).

A negotiable instrument must be made al payment payable in money only, and without any condition not certain of fulfilment.

of money.

Payee.

Instrument may be in alternative.

Date, etc.

N. Y. C. C., Sec. 1714.

SEC. 3089. The person to whose order a negotiable instrument is made payable must be ascertainable at the time the instrument is made.

N. Y. C. C., Sec. 1715.

SEC. 3090. A negotiable instrument may give to the payee an option between the payment of the sum speci fied therein and the performance of another act; but as to the latter, the instrument is not within the provisions of this Title.

N. Y. C. C., Sec. 1716.

SEC. 3091. A negotiable instrument may be with or without date, and with or without designation of the time or place of payment.

May contain a pledge,

SEC. 3092.

etc.

N. Y. C. C., Sec. 1717.

NOTE. The words "with or without seal" struck out, as seals are abolished by this Code.

A negotiable instrument may contain a pledge of collateral security, with authority to dispose thereof.

N. Y. C. C., Sec. 1718.

not contain.

SEC. 3093. A negotiable instrument must not contain What it must any other contract than such as is specified in this article.

An obligation to pay money and to do anything in addition, is not negotiable (Austin vs. Burns, 16 Barb., 643; Martin vs. Chauntry, 2 Str., 1271). It has been said that an instrument cannot be made negotiable by calling it so on its face (Carruth vs. Walker, 8 Cal., 252). But it may be worthy of consideration whether parties should not be allowed by express words to bring any contract within the rules of negotiable paper.

N. Y. C. C., Sec. 1719.

SEC. 3094. Any date may be inserted by the maker of Date. a negotiable instrument, whether past, present or future, and the instrument is not invalidated by his death or incapacity at the time of the nominal date.

N. Y. C. C., Sec. 1720.

SEC. 3095. There are six classes of negotiable instru- Different ments, namely:

1. Bills of exchange.

2. Promissory notes.

3. Bank notes.

4. Checks.

5. Bonds.

6 Certificates of deposit.

classes of

negotiable instruments.

N. Y. C. C., Sec. 1721.

ARTICLE II.

INTERPRETATION OF NEGOTIABLE INSTRUMENTS.

SECTION 3099. Time and place of payment.

3100. Place of payment not specified.

3101. Instruments payable to a person or his order, how construed.

3102. Unindorsed note, when negotiable.

3103. Fictitious payee.

3104. Presumption of consideration.

SEC. 3099. A negotiable instrument which does not Time and specify the time of payment, is pay able immediately.

N. Y. C. C., Sec. 1722.

SEC. 3100. A negotiable instrument which does not specify a place of payment, is payable wherever it is held at its maturity.

N. Y. C. C., Sec. 1723.

SEC. 3101. An instrument, otherwise negotiable form, payable to a person named, or "to his order,"

in

place of payment.

Place of payspecified.

ment not

Instruments

person or his person or

order, how

or construed.

Unindorsed note, when negotiable.

Fictitious payee.

Presumption

of consideration.

"to bearer," or words equivalent thereto, is in the two former cases payable to the written order of such person, and in the latter case, payable to the bearer.

N. Y. C. C., Sec. 1724.

SEC. 3102. A negotiable instrument, made payable to the order of the maker, or of a fictitious person, if issued by the maker for a valid consideration, without indorsement, has the same effect against him and all other persons having notice of the facts, as if payable to the bearer. N. Y. C. C., Sec. 1725.

SEC. 3103. A negotiable instrument, made payable to the order of a person obviously fictitious, is payable to the bearer.

N. Y. C. C., Sec. 1726.

SEC. 3104. The signature of every drawer, acceptor and indorser of a negotiable instrument, is presumed to bave been made for a valuable consideration, before the maturity of the instrument, and in the ordinary course of business.

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ment, what.

SEC. 3108. One who writes his name upon a negotia- Indorseble instrument, otherwise than as a maker or acceptor, and delivers it, with his name thereon, to another person, is called an indorser, and his act is called indorsement.. N. Y. C. C., Sec. 1728.

to indorse.

SEC. 3109. One who agrees to indorse a negotiable in- Agreement strument is bound to write his signature upon the back of the instrument, if there is sufficient space thereon for that purpose.

This provision is new. Though an indorsement upon the face of the instrument is valid (Young vs. Glover, 3 Jur. [N. S.], 637), it is unusual, and would excite suspicion. A creditor, who agrees to accept an indorsed note in satisfaction, ought not to be required to accept such an indorse

ment.

N. Y. C. C., Sec. 1729.

SEC. 3110. When there is not room for a signature upon the back of a negotiable instrument, a signature equivalent to an indorsement thereof may be made upon a paper annexed thereto.

SEC. 3111.

N. Y. C. C., Sec. 1730.

When may separate

be made on

paper.

dorsement.

An indorsement may be general or special. Kinds of in-
N. Y. C. C., Sec. 1731.

SEC. 3112. A general indorsement is one by which no General inindorsee is named.

dorsement, what.

N. Y. C. C., Sec. 1732.

SEC. 3113. A special indorsement specifies the indorsee. Special in

N. Y. C. C., Sec. 1733.

SEC. 3114. A negotiable instrument bearing a general indorsement cannot be afterwards specially indorsed; but any lawful holder may turn a general indorsement into a special one, by writing above it a direction for payment to a particular person.

N. Y. C. C., Sec. 1734.

SEC. 3115. A special indorsement may, by express words for that purpose, but not otherwise, be so made as to render the instrument not negotiable.

N. Y. C. C., Sec. 1735.

SEC. 3116. Every indorser of a negotiable instrument warrants to every subsequent holder thereof, who is not liable thereon to him

dorsement, what.

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Indorser, when liable to payee.

Indorsement without recourse.

Same.

Indorsee privy to contract.

Indorser has rights of guarantor.

1. That it is in all respects what it purports to be.
2. That he has a good title to it.

3. That the signatures of all prior parties are binding upon them.

4. That if the instrument is dishonored, the indorser will, upon notice thereof duly given to him, or without notice, where it is excused by law, pay so much of the same as the holder paid therefor, with interest; unless exonerated under the provisions of Secs. 3189, 3248 or 3255.

N. Y. C. C., Sec. 1736.

SEC. 3117 One who indorses a negotiable instrument before it is delivered to the payee, is liable to the payee thereon, as an indorser.

This is the substance of the decision in Moore vs. Cross, 19 N. Y., 227. But previous cases have so complicated the question that it is necessary to clear up the confusion by a positive rule. It has long been maintained that an indorser, before delivery to the payee, does not mean to be responsible to him, and though this doctrine is now overruled, yet the decision is put upon grounds that are needlessly technical. N. Y. C. C., Sec. 1737.

SEC. 3118. An indorser may qualify his indorsement with the words, "without recourse," or equivalent words; and upon such indorsement, he is responsible only to the same extent as in the case of a transfer without indorsement.

N. Y. C. C., Sec. 1738.

SEC. 3119. Except as otherwise prescribed by the last section, an indorsement without recourse has the same effect as any other indorsement.

N. Y. C. C., Sec. 1739.

SEC. 3120. An indorsee of a negotiable instrument bas the same rights against every prior party thereto, that he would have had if the contract had been made directly between them in the first instance.

SEC. 3121

See Griswold vs. Haven, 25 N. Y., 595; Polhill vs. Walter, 3 B. & Ad., 114. This principle is one of great importance, particularly with reference to representations contained in commercial paper, which are deemed to be made directly to every indorsee.

N. Y. C. C., Sec. 1740.

An indorser has all the rights of a guaran tor, as defined by the chapter on Guaranty in General, and is exonerated from liability in like manner.

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