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Restrictive indorsement.

entitled to fill up the blank indorsement. But he may transfer it further by indorsement without filling it up. The indorser is bound to every subsequent holder for the acceptance and payment; but if the indorser has added "without responsibility or recourse," or a similar reserve, he is free from all responsibility.

The indorser who forbids the transfer of the bill by inserting the words "not to order," or other equivalent ones, is free from all recourse from any subsequent indorser and holder.

When a bill is indorsed after the time allowed for protesting it for non-payment, the holder acquires a right against the acceptor in respect to his acceptance, and a right of recourse against all those who have indorsed the bill after the expiry of that period. If, however, the bill has been protested for nonpayment previous to the indorsement, the indorsee has no other recourse than that of his indorser against the acceptor, the drawer, and such as have indorsed the bill previous to protest being taken. In this case the indorser is free from liability, Indorsement (Wechsel-massige). If in the indorsement there are inserted. by procurathe words "to be cashed," "per procuration," or other forms tion. expressing a power of attorney, the indorsement carries no right of property in the bill; it, however, entitles the indorsee (indossatar) to demand payment, to protest, and to give notice to the party preceding him, or to his indorser, of non-payment in order to raise action on the bill, or to claim it from the bank of deposits. Such an indorsee can transfer these rights to another by a further indorsement per procuration, but a bill so indorsed cannot be again transferred by an ordinary indorsement, though the indorsement per procuration should contain the words "to order."

Brazil.-Incomplete indorsements and blank indorsements are allowed, but that they may be valid they must at least contain the date and the signature of the indorser; it is then presumed that the bill is passed to order with value received (a).

Buenos Ayres.-When the indorser writes his name only on the back, it is presumed that he indorses it to the order of the bearer, and that it contains an acknowledgment of the money received. Indorsements in blank, and not containing the neces

(a) Brazilian Code of Commerce, §§ 360-364.

sary requisites, have only the force of simple procurations, to the effect of authorising the bearer to exact payment or to have the bill protested. If the bill was to order, then the holder may substitute another mandatory by a new indorsement, with the same effect. If a bill irregularly indorsed has arrived from a foreign country, the bearer may demand payment of the bill. A false indorsement does not transmit the property in a bill, and vitiates all subsequent indorsements, except the action of the bearer against the indorser (a).

Italy. The law is the same as in France. An indorsement is considered regular when it contains the words, the date, or "value as above," or "as on the back." The indorsement made after the bill has become due is an irregular indorsement. It is prohibited not only to antedate but to postdate the indorsement (b).

Netherlands.-The indorsement which does not contain Blank indorsement. every particular required by the code is an irregular indorsement, and produces only a simple procuration. The indorsee of a bill can re-indorse the bill only when the preceding indorsement is to his order. The indorsement given in blank by the simple signature of the indorser on the back of the bill, is a regular indorsement, which is deemed to imply the receipt of the value and signed to the order of bearer. The bearer, who becomes the owner of the bill with a blank indorsement, may transfer it by a regular indorsement (c).

indorsement.

Portugal. The indorsement is complete or in blank. A com- Effect of a plete indorsement must contain all the particulars as indicated irregular by the Portuguese code. An incomplete indorsement, or an indorsement given in blank, must have the date, and be signed by the indorsee. It is then presumed that the bill has passed to the order of the holder, and that the value has been given. The indorsement, which contains only the signature of the indorser, is an irregular indorsement, and has only the effect of a simple procuration. The mandatory may substitute by indorsement another mandatory, but he cannot make a regular indorsement. The indorsement of bills already due, or of bills not presented in time for acceptance, and of bills not drawn to

(a) Buenos Ayres Code of Commerce, §§ 149-152. §§ 801-812.

(b) Sardinian Code of Commerce,

(c) Dutch Code of Commerce, $$ 133-139.

order, produces no other effect than that which results from the ordinary cession of debts (a).

Russia.-A bill of exchange or promissory note may be transferred to another person, by the latter to a third, and so successively. And such transfer is effected by indorsement. If the back of the bill is quite filled up, permission is given to add to the bill of exchange a slip of blank paper, in such a manner that the last indorsement shall be commenced on the bill, and terminated on the slip which is added to it. The indorsement may be complete or incomplete. By means of a complete indorsement the property of a bill of exchange is transferred; by an incomplete indorsement the party is simply authorised to receive the money. The first of such indorsements is termed indorsement by transfer, and the second indorsement by procuration. Both such indorsements ought to be signed by the indorser or his representative; if not, such indorsements are void. The indorsement by transfer should state, 1st, the name of the person to whom, or to whose order the bill of exchange is to be paid; 2nd, if the value has been received or carried to account, and if the indorser thinks it necessary, he may, moreover, announce from whom such value has been received; 3rd, the place, the year, the month, and the day of indorsement. The indorsement is, however, valid, even if it does not state Blank indorse the place, the year, the month, and day. Blank indorsements

ments.

are permitted for every kind of bills of exchange, but only where there is an understanding among the parties interested, and under their own responsibility. The bill of exchange may be transferred and indorsed before or after presentation and acceptance. It is forbidden to antedate an indorsement, under penalty of rendering the bill invalid, and of responsibility in case of fraud. The holder of a bill of exchange is called the bearer. If the bill of exchange is not accepted, or if it is not paid by the drawee designated therein, the indorsers are all responsible, to the full extent of their property, for payment to the bearer as well as the drawer himself. The responsibility of the indorsers towards the bearer does not cease, even when the bill has been declared void. If one of the indorsements is discovered to be false, the other indorsements continue to be

(a) Portuguese Code of Commerce, §§ 350-360.

"Indorsement

without

valid. But the indorsement with the words, "without recourse,'
relieves such indorser from all responsibility in case of non- recourse.
payment. He who obtains a bill of exchange by virtue of
simple procuration, and on account of another party, is respon-
sible towards the subsequent indorsers if he indorses it; but as
regards his employer, he is responsible only in case of having
guaranteed for its solvency by a del credere commission (a).

an indorse

ment.

Spain. The indorsement must contain the following items: Requisites of the name and surname of the indorsee; the value received in account in cash, or in merchandise; the name of the party on whose account the indorsement has been made; the date, and the signature of the indorser or of his attorney. The omission of any one of these particulars other than the name of the indorser and indorsee, does not annul the indorsement, but makes it have the effect of a simple procuration. Indorsements in blank are void, and give no right to any one to demand the payment (b).

cannot be

Sweden. Inland bills may be lawfully indorsed in blank; Foreign bills but bills of exchange drawn from a foreign country upon a indorsed in place in the kingdom cannot be indorsed in blank. The in- blank. dorsement must be regular, and contain the name of the indorsee, the date, the value received, and the signature of the indorser. The drawee is not bound to accept the bill not duly indorsed. The irregular indorser is responsible for the injury he has caused. The indorsement has often the effect, not of transferring the property, but simply to confer on the indorsee the power to demand the acceptance or payment. This power may be revoked by the indorser, except the bearer can prove that he has given value for the bill (c).

SECTION IX.

BRITISH LAW.

PRESENTMENT FOR ACCEPTANCE.

The holder of a bill of exchange has the right to present it

for acceptance.

Presentment for

(a) Russian Code, §§ 309-322. (b) Spanish Code of Commerce, §§ 466-474.

acceptance is necessary when

(c) Art. 3-9, Ordinance of 21 Jan. and 1 Feb. 1748.

Right of

holder to present a bill for acceptance.

When necessary.

When unne

cessary.

Want of funds

in the drawee's hands is no excuse.

To whom the bill should be presented.

Presentment must be in a reasonable

the bill is drawn payable at sight, or at a certain period after sight, in order to determine the time when it will become due (a). If the holder of a bill so payable at sight, or a certain time after sight, neither presents it nor puts it in circulation, he is guilty of laches, and cannot recover upon it (b).

Where, however, the time of maturity is certain, or when the bill is payable on demand, the holder is not bound to present it for acceptance (c), although it is in all cases advisable to present such bill for acceptance, inasmuch as an additional security is thereby obtained (d). So it is the duty of an agent receiving a bill payable at any specific time to present it at once for acceptance, in order to fix the liability of the drawee in the bill should the affairs of the drawer meanwhile become deranged (e).

And though want of funds in the drawee's hands might excuse presentment, in order to charge the drawer of an unaccepted bill, some actual evidence of a demand to accept must be proved (f). But once acceptance is refused, the holder may sue the drawer on the bill, and he is not bound again to present it or to return the bill (g).

The bill should be presented to the drawee himself. If he refuses it, or if he cannot be found, then if the bill specifies another person to whom it should be presented "in case of need," or, "au besoin," it should be presented to him (h). If the bill is drawn on two or more persons in partnership, presentment to one is presentment to all; but if they are not in partnership, the bill must be presented to each of them separately.

In all cases presentment should be made in a reasonable time, and the limit of such reasonable time will depend on the time and rea- particular circumstances of the case (i). Presentment must

sonable hours.

(a) Muilman v. D'Eguino, 2 H. Bl. 565.

(b) Muilman v. D'Eguino, 2 H. Bl.
565; Holmes v. Kerrison, 2 Taunt.
323; Thorpe v. Booth, R & M. 389;
Dixon v. Nuttall, 1 C. M. & R. 307.

(c) O'Keef v. Dunn, 6 Taunt. 304.
(d) Claxton v. Swift, 2 Show. 496.
(e) Van Wart v. Woolley, 3 B. & C.
439; Bell's Principles of Scots Law,
$336.

(ƒ) Cheek v. Roper, 5 Esp. 175.
(g) Hickling v. Hardy, 7 Taunt.

312.

(h) Chitty on Bills, p. 180.

(i) Muilman v. D'Eguino, 2 H. Bl. 565; Mellish v. Rawdon, 9 Bing. 416. In determining the question of reasonable time for presentment, not the interests of the drawer only, but those of the holder, must be taken into account; the reasonable time expended

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