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Sec. 1464. WHEN BILL LOST, AND SO FORTH.-Where a bill is lost or destroyed or is wrongly detained from the person entitled to hold it, protest may be made on a copy or written particulars thereof.
Sec. 1465. ACCEPTANCE FOR HONOR.-Where a bill of exchange has been protested for dishonor by nonacceptance or protested for better security and is not overdue, any person not being a party already liable thereon may, with the consent of the holder, intervene and accept the bill supra protest for the honor of any party liable thereon or for the honor of the person for whose account the bill is drawn. The acceptance for honor may be for part only of the sum for which the bill is drawn, and where there has been an acceptance for honor for one party there may be a further acceptance by a different person for the honor of another party.
Sec. 1466. An acceptance for honor supra protest must be in writing and indicate that it is an acceptance for honor, and must be signed by the acceptor for honor.
Sec. 1467. When an acceptance for honor does not expressly state for whose honor it is made it is deemed to be an acceptance for the honor of the drawer.
Sec. 1468. LIABILITY OF ACCEPTOR FOR HONOR.-The acceptor for honor is liable to the holder and to all parties to the bill subsequent to the party for whose honor he has accepted.
Sec. 1469. The acceptor for honor by such acceptance engages that he will on due presentment pay the bill according to the terms of his acceptance, provided it shall not have been paid by the drawee, and provided, also, that it shall have been duly presented for payment and protested for nonpayment and notice of dishonor given to him.
Sec. 1470. Where a bill payable after sight is accepted for honor its maturity is calculated from the date of the noting for nonacceptance and not from the date of the acceptance for honor.
Sec. 1471. Where a dishonored bill has been accepted for honor supra protest, or contains a reference in case of need, it must be protested for nonpayment before it is presented for payment to the acceptor for honor or referee in case of need.
Sec. 1472. Presentment for payment to the acceptor for honor must be made as follows:
First. If it is to be presented in the place where the protest for nonpayment was made it must be presented not later than the day following its maturity.
Second. If it is to be presented in some other place than the place where it was protested, then it must be forwarded within the time specified in section fourteen hundred and eight.
Sec. 1473. EXCUSED, WHEN. The provisions of section thirteen hundred and eighty-five apply where there is delay in making presentment to the acceptor for honor or referee in case of need.
Negligence of parents, 33 L. R., 185.
Sec. 1474. MUST BE PROTESTED FOR NONPAYMENT.— When the bill is dishonored by the acceptor for honor it must be protested for nonpayment by him.
Sec. 1475. PAYMENT FOR HONOR.-Where a bill has been protested for nonpayment any person may intervene and pay it supra protest for the honor of any person liable thereon, or for the honor of the person for whose account it was drawn.
Sec. 1476. The payment for honor supra protest, in order to operate as such and not as a mere voluntary payment, must be attested by a notarial act of honor, which may be appended to the protest or form an extension to it.
Sec. 1477. The notarial act of honor must be founded on a declaration made by the payer for honor, or by his agent in that behalf, declaring his intention to pay the bill for honor and for whose honor he pays.
Sec. 1478. Where two or more persons offer to pay a bill for the honor of different parties the person whose payment will discharge most parties to the bill will be given the preference.
Sec. 1479. Where a bill has been paid for honor all parties subsequent to the party for whose honor it is paid are discharged; but the payer for honor is subrogated for and succeeds to both the rights and duties of the holder as regards the party for whose honor he pays and all parties liable to the latter.
Sec. 1480. Where the holder of a bill refuses to receive payment supra protest he loses his right of recourse against any party who would have been discharged by such payment.
Sec. 1481. The payer for honor, on paying to the holder the amount of the bill and the notarial expenses incidental to its dishonor, is entitled to receive both the bill itself and the protest.
Sec. 1482. BILLS IN A SET.-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 constitute one bill.
Sec. 1483. WHERE PARTS COME TO DIFFERENT HOLDERS.-Where two or more parts of a set are negotiated to different holders 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. 1484. Where the holder of a set indorses two or more parts to different persons he is liable on every such. part, and every indorser subsequent to him is liable on the part he has himself indorsed, as if such parts were separate bills.
Sec. 1485. How ACCEPTED AND LIABILITY OF ACCEPTOR. The acceptance may be written on any part, and it must be written on one part only. If the drawee accepts more than one part, and such accepted parts are
negotiated to different holders in due course, he is liable on every such part as if it were a separate bill.
Sec. 1486. When the acceptor of a bill drawn in a set pays it without requiring the part bearing his acceptance to be delivered up to him, and that part at maturity is outstanding in the hands of a holder in due course, he is liable to the holder thereon.
Sec. 1487. Except as herein otherwise provided, where any one part of a bill drawn in a set is discharged by payment or otherwise the whole bill is discharged.
Sec. 1488. PROMISSORY NOTES AND CHECKS.-A negotiable promissory note, within the meaning hereof, is an unconditional promise in writing, made by one person to another, signed by the maker, engaging to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer. Where note is drawn to the maker's own order it is not complete until indorsed by him.
Sec. 1489. A check is a bill of exchange drawn on a Sec. 5501 R. S. bank payable on demand. Except as herein otherwise Beavers, 34 L. R., provided, the provisions hereof applicable to a bill of exchange payable on demand apply to a check.
Sec. 1490. WHEN CHECK MUST BE PRESENTED FOR PAYMENT.-A check must be presented for payment within a reasonable time after its issue or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay.
Sec. 1491. CERTIFYING CHECK.-Where a check is certified by the bank on which it is drawn the certification is equivalent to an acceptance.
Séc. 1492. DRAWER AND INDORSERS DISCHARGED.Where the holder of a check procures it to be accepted or certified the drawer and all indorsers are discharged from liability thereon.
Sec. 1493. CHECK NOT AN ASSIGNMENT OF FUNDS.-A Towles v. Tanner, 21 D. C check of itself does not operate as an assignment of any App., 542. part of the funds to 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.
Sec. 1494. COMPOSITION WITH CREDITORS ON DISSOLUTION.-Where a partnership is dissolved, by mutual consent or otherwise, any partner may make a separate composition or compromise with any creditor of the partnership; and such composition or compromise shall be a full and effectual discharge to the debtor who makes the same, and to him only, of and from all and every liability to the creditor with whom the same is made, according to the terms thereof.
Sec. 1495. Every such debtor who makes such composition or compromise may take from the creditor with whom he makes the same a note or memorandum, in writing, exonerating him from all and every individual liability incurred by reason of his connection with the partnership, which note or memorandum may be given în evidence by such debtor, in bar of such creditor's right of recovery against him; and if such liability be by judgment, then, on the production and filing with the clerk of the notes or memorandum, the clerk shall enter the judgment as released by the plaintiff as far as the compromising debtor is concerned.
Sec. 1496. Such compromise or composition with an individual member of a firm shall not be held to discharge the other partners, nor shall it impair the right of the creditor to proceed against such members of the partnership as have not been discharged; and the members of the partnership so proceeded against shall be permitted to set off any demand against the creditor which could have been set off had the suit been brought against all the individuals composing the firm. Nor shall the compromise or discharge of an individual member of a firm prevent the other members of the firm from availing themselves of any defense that would have been available had this chapter not been passed, except that they shall not set up the discharge of one individual as a discharge of the other partners, unless it appear that all were intended to be discharged; but the discharge of any such partner shall be deemed a payment to the creditor equal to the proportionate interest of the partner discharged in the partnership concern.
Sec. 1497. Such compromise or composition of a member of a firm with a creditor of such firm shall in no wise affect the right of the other partners to call on the member who makes it for his ratable proportion of any partnership debt which they may be compelled to pay.
Sec. 1498. LIMITED PARTNERSHIPS.-Limited partner- R.S. D. C. 488. ships for the transaction of any mercantile, mechanical, or manufacturing business within the District may be formed by two or more persons upon the terms, with the rights and powers, and subject to the conditions and liabilities prescribed in this chapter.
Sec. 1499. Such partnership may consist of one or more persons, who shall be called general partners and who shall be jointly and severally responsible as general partners are by law, and of one or more persons who shall contribute, in actual cash payments, a specific sum as capital to the common stock, who shall be called special partners.
Sec. 1500. NUMBER.-The number of special partners shall in no partnership exceed six.
Sec. 1501. LIABILITY.-The special partners shall not be liable for the debts of the partnership beyond the fund contributed by them to the capital.
Sec. 1502. ČERTIFICATE TO BE SIGNED.-Persons desirous of forming a limited partnership shall make and and severally sign a certificate, which shall contain
First. The name or firm under which such partnership is to be conducted.
Second. The general nature of the business intended to be transacted.
Third. The names of all the general and special partners interested therein, distinguishing which are general and which are special partners, and their respective places of residence.
Fourth. The amount of capital which each special partner shall have contributed to the common stock.
Fifth. The period at which the partnership is to commence and the period at which it is to terminate.
Sec. 1503. ACKNOWLEDGMENT AND RECORDING.-The certificate shall be acknowledged by the several persons signing the same before a judge of any court in the District or before any notary public, and such acknowledgments shall be made and certified in the same manner as the acknowledgments of deeds of land, and when so acknowledged and certified shall be filed in the office of the clerk of the supreme court of the District, and shall be recorded by him at large in a book kept for that purpose, open to public inspection.
Sec. 1504. AFFIDAVITS.-At the time of filing the original certificate, with the evidence of the acknowledgment thereof, as directed in the preceding section, an affidavit of one or more of the general partners shall also be filed therewith in the same office, stating that the sums specified in the certificate to have been contributed by each of the special partners to the common stock have been actually and in good faith paid in cash.
Sec. 1505. No such partnership shall be deemed to have been formed until a certificate shall have been made, acknowledged, filed, and recorded, nor until an affidavit shall have been made and filed, as directed by the three preceding sections.