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NOTES OF HAND AND BILLS OF EXCHANGE - Continued.
the rights and duties of the maker, 493.

the maker of a note and the acceptor of a bill are bound to pay it
at maturity, and continue bound until their liability is barred by
the statutes of limitations, 493.

the peculiar characteristics of negotiable paper begin to operate
when the paper has passed into the hands of third parties, 493.
the rights and duties of the holder of negotiable paper, 494.
if a bill is deposited with him for collection, he holds it as a trus-
tee, and can use it only in conforinity with the trust, that is, not
for his own benefit, 494.

where negotiable paper is transferred after its dishonor, 494.
presentment for acceptance is the duty of the holder of a bill of
exchange, 495.

this presentment should be made without delay, 495.

it should be made during business hours, 495.

what business hours are in this country, 495.

excuses for non-presentment, 496.

to whom and in what way a bill should be presented, 496.
presentment for demand of payment of negotiable paper is governed
by strict rules, 496.

what these rules are, stated, 496.

when and how the demand should be made, 497.

bankruptcy of the payer is no excuse for non-demand, 497.

impossibility of presenting a bill or note for payment will excuse
delay in demanding payment while the impossibility remains, 497.
the mistake of the holder is no excuse, 497.

negotiable paper, payable at a time certain, is entitled to grace,
498.

how the days of grace are computed, 498.

if a note is payable in one or more months, this means calendar
months, whether shorter or longer, 498.

how the maturity of a note is computed, 498.

bills and notes on demand should be presented for payment within
a reasonable time, 498.

the holder of a check should present it at once, 499.

demand of payment should be made at the residence or place of
business of the payer, within the proper hours of business, 499.
a note payable at a particular place should be demanded at that
place, 499.

if a payer has changed his residence he should be sought for with
due diligence, 499.

where a bill or note is not presented for payment at the time, to the
person, in the place, or in the way required by law, all parties
but the acceptor or maker are discharged, 499.

of protest and notice, 500.

when protest is required by law, 500.

when, where, in what manner, and by whom protest should be
made, 500.

NOTES OF HAND AND BILLS OF EXCHANGE― Continued.
the seal and certificate of a notary public are evidence of the dis-
honor of a foreign bill, but not of an inland bill, 500.
notice must be given even to one who has knowledge, 500.
if a letter properly addressed be put into the Post-office, any mis-
carriage of the mail does not affect the party giving notice, 501.

a notice may be sent by a private messenger, under certain con-
ditions, 501.

the notice should be sent either to the place of business or to the
residence of the party notified, 501.

it may be sent wherever a party directs such a notice to be sent, 501.
each party receiving notice has a day, or until the next post, after
the day on which he receives it, to send the notice forward, 501.
Sundays and legal holidays are not computed in reckoning the time
in which notice must be given, 502.

notice should be given only to a party to an instrument who is liable
to pay it, 502.

it must be given to every antecedent party who is to be held, 502.
it may be given personally to a party, 503.

how to be given when the party to be notified is dead, 503.

one transferring by delivery without indorsement paper payable to
bearer is not entitled to notice of non-payment, 503.

a guarantor is entitled only to such notice as shall protect him from
injury caused by want of notice, 503.

the right to notice may be waived by any agreement to that
effect, 503.

different forms of waiver, notice, demand, and protest, and their
effect, 503.

how the want of notice may be cured afterwards, 504.

the rights and duties of the indorser, 504.

who are meant in the law-merchant by indorsers, 504.

the payee of negotiable paper may indorse it, and afterwards any
number of persons may indorse it, 504.

what an indorser does by his indorsement, 504.
an indorsement may be in blank or in full, 505.

what these are, and the effect of each, 505.

of special indorsement, how made, and its effect, 505.

negotiable paper, transferable by delivery, is the property of who-
ever receives it in good faith, 505.

what other instruments this rule has been extended to, 505.

hence, if such an instrument passes for value to an innocent holder,
this holder acquires a legal right to it, 505.

the transfer by indorsement may be written on the face of the in-
strument, 506.

joint payees who are not partners must join in an indorsement, 506.
an indorser prevents his own responsibility by writing "without
recourse" over his name, 506.

every indorsement and acceptance admit conclusively the genuine-
ness of the signature of every previous party, 506.

NOTES OF HAND AND BILLS OF EXCHANGE-Continued.
a holder may bring his action against any prior indorser, how to
do this, 506.

where a note or bill is payable to the maker's own order, and indorsed
by him in blank, 506.

where negotiable paper is transferred by delivery without indorse-
ment, 506.

an indorsement may be made on the paper before the bill or note is
drawn, 507.

how indorsement may be made when the payee is dead, 507.

if there be two firms, to both of which a person belongs, neither
can sue the other, 507.

how the difficulty may be cured by indorsement, 507.

the rights and duties of the acceptor of a bill of exchange, 507.
when a written promise to accept a future bill, which describes
that very bill, is equal to an acceptance, 507.

an acceptance after maturity is an acceptance to pay on demand,
508.

a bill can be accepted only by the drawee, or by some one who
accepts for honor, 508.

acceptance or payment for honor, the meaning and effect of this,
and how it is done, 508.

the reason why it is done, 509.

where a note includes in it a confession of judgment, 509.

the same note may waive the benefit of all exemption laws, 509.

the same note may include also a power of attorney, 509.

forms of such notes, 510-512.

NOTICE, in the law of negotiable paper, the law of, 500.

how the right to notice may be waived, and the effect of waiver,
503.

NOTICE BY CARRIER.

(See CARRIAGE OF GOODS AND PASSEN-

GERS.)

0.

OHIO, boundaries, extent, constitution, history, and condition of, 131.
the right of suffrage by the constitution of, 195.

abstract of the statute laws of husband and wife, and of homestead,
229.

ORDINANCE, for the government of the United States north-west of
the river Ohio, 133.

OREGON, boundaries, extent, constitution, history, and condition of,

152.

the law of suffrage by the constitution of, 195.

abstract of the statute law of husband and wife, and of home-
stead, 230.

ORIGINAL PROMISE, how it differs from a collateral promise, 463.
OTIS, James, advises the calling of an American congress, 10.

P.

PAINS AND PENALTIES, bill of, similar to a bill of attainder, 182.
PAPER MONEY, its cost to us, 87.

(See MONEY.)

PARTNERSHIP, the law of, 532–537.
what a partnership is, 532.

how a partnership may be formed, 532.

partners may agree as to any way of dividing the losses, but the
agreement will not affect parties dealing with the firm, 532.
agreements in articles of copartnership limiting the power of a
partner are not binding on third parties who are ignorant of
them, 533.

each partner is responsible to every creditor of the partnership for
the whole amount of the debt, 533.

when persons who are not partners as between themselves are lia-
ble as partners to third parties, 533.

a secret partner, who he is, and law concerning, 533.

participation in the profits generally makes one a partner, 534.

a clerk or salesman may receive a share of the profits instead of
wages, without being a partner, 534.

a partnership usually has but one business name, but may have
more for distinct business transactions, 534.

how a partnership may be dissolved, 531.

if the articles do not provide that the parties should continue for
a specified time, either partner may dissolve it when he will, but
not so as to injure the other partners, 534.

the assignment by a partner of his whole interest in the partner-
⚫ ship dissolves the partnership, 535.

the assignee acquires no right to become a member of the firm, 535.
death of any partner operates a dissolution, 535.

if the whole interest of the partner is sold on execution, this makes
a dissolution, 535.

if one partner retires, this operates in law a dissolution, 535.

how the partner retiring should give notice thereof, 536.

of the property of the partnership, 536.

the law concerning real estate, held by a partnership, 536.

the authority of each partner and the joint liability of each part-
ner, 537.

each partner is an agent of the whole partnership with full power
as to transactions within the usual business of the firm, 537.
no person dealing with a partner is affected by his want of good
faith toward the partnership, unless he colluded with the partner,

537.

a partner cannot bind the firm by transactions which do not belong
properly to commercial business, 537.

how far a partner may bind his copartners by an instrument under
seal, 538.

PARTNERSHIP- Continued.

a partnership has no seal at law, 538.

how far a majority of a firm can bind a minority, 538.

where the name of one partner is used as the name of the firm, 538.
one not a partner is not liable as such because the firm agrees to

be bound by his advice, 538.

the reception of a new partner constitutes a new firm, although
the old name be retained, 539.

how notices should be given to bind all the partners, 539.

when money lent to a partner for partnership purposes constitutes
a partnership debt, 539.

when credit is given to one only of the partners, 539.

the firm liable only to one who deals with the partner in good
faith, 540.

when one who deals with a partner knows that the partner is using
the paper, property, or credit of the firm for his personal benefit,
540.

how far a firm may be bound for the criminal acts of a partner, 540.
remedies of partners against each other, 540.
reasons why a partner has usually no remedy against a copartner
in a court of law, but must go into a court of equity, 541.
partners are entitled to perfect good faith from each other, and a
court of equity will enforce it in all cases; instances given, 541.
rights of a firm against third parties, 542.

rights of creditors in respect to partnership or private funds, 542.
creditors of a partnership have a right to the partnership funds;
creditors of an individual partner have a right to his individual
property; how these rights may be enforced, 513.

how the interest of one partner in the partnership funds may be
attached, levied upon, and sold, 543.

dissolution of partnership, how caused, and effect of, 544.

when a dissolution is caused by the death of a partner, the rights,
duties, and powers of the survivors, 544.

when a dissolution is caused by mutual consent, and provision
made for the winding up of partnership affairs, 545.

limited partnership, what it is, and how made, 545.

general partners in a limited partnership, rights and responsibilities,
545.

special partners in a limited partnership, rights and responsibilities,
545.

advertisement of a limited partnership always made, 515.

how such an advertisement should be drawn, and exact accuracy
requisite in the publication, 546.

forms of articles of copartnership, 546–550.

PASSENGERS. (See CARRIAGE OF GOODS AND PASSENGERS.)
PAYMENT AND TENDER, 466.

how payment may be made, 466.

generally by payment of money, but may be by bill or note, or other-
wise, as is agreed upon, 466.

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