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Sec. 1314. WHAT SUFFICIENT LANGUAGE.-The instrument need not follow the language herein employed, but any terms are sufficient which clearly indicate an intention to conform to the requirements hereof.

Sec. 1315. PRESUMPTION AS TO DATE.-Where the instrument or an acceptance or any indorsement thereon is dated, such date is deemed prima facie to be the true date of the making, drawing, acceptance, or indorsement, as the case may be.

Sec. 1316. ANTEDATING AND POSTDATING.-The instrument is not invalid for the reason only that it is antedated or postdated: Provided, That this is not done for an illegal or fraudulent purpose. The person to whom an instrument so dated is delivered acquires the title thereto as of the date of delivery.

Sec. 1317. WANT OF DATE.-Where an instrument expressed to be payable at a fixed period after date is issued undated, or where the acceptance of an instrument payable at a fixed period after sight is undated, any holder may insert therein the true date of issue or acceptance, and the instrument shall be payable accordingly. The insertion of a wrong date does not avoid the instrument in the hands of a subsequent holder in due course; but as to him the date so inserted is to be regarded as the true date.

Wallach v. MoFarland, 31 D. C.

App., 132; Rich

ards v. Street, 31

Sec. 1318. BLANKS.-Where the instrument is wanting in any material particular, the person in possession thereof has a prima facie authority to complete it by D. filling up the blanks therein. And a signature on a blank paper delivered by the person making the signature, in order that the paper may be converted into a negotiable instrument, operates as a prima facie authority to fill it up as such for any amount. In order, however, that any such instrument, when completed, may be enforced against any person who became a party thereto prior to its completion, it must be filled up strictly in accordance with the authority given and within a reasonable time; but if any such instrument, after completion, is negotiated to a holder in due course, it is valid and effectual for all purposes in his hands, and he may enforce it as if it had been filled up strictly in accordance with the authority given and within a reasonable time.

Sec. 1319. COMPLETING WITHOUT AUTHORITY.-Where an incomplete instrument has not been delivered it will not, if completed and negotiated without authority, be a valid contract in the hands of any holder as against any person whose signature was placed thereon before delivery.

Sec. 1320. DELIVERY.-Every contract on a negotiable instrument is incomplete and revocable until delivery of the instrument for the purpose of giving effect thereto. As between immediate parties and as regards a remote party other than a holder in due course, the delivery, in order to be effectual, must be made either by or under

C. App., 427.

77 Atl., 289.

the authority of the party making, drawing, accepting, or indorsing as the case may be; and in such case the delivery may be shown to have been conditional or for a special purpose only, and not for the purpose of transferring the property in the instrument. But where the instrument is in the hands of a holder in due course, a valid delivery thereof by all parties prior to him, so as to make them liable to him, is conclusively presumed. And where the instrument is no longer in the possession of a party whose signature appears thereon, a valid and intentional delivery by him is presumed until the contrary is proved.

Sec. 1321. CONSTRUCTION.-Where the language of the instrument is ambiguous, or there are omissions therein, the following rules of construction apply:

First. Where the sum payable is expressed in words. and also in figures and there is a discrepancy between the two, the sum denoted by the words is the sum payable; but if the words are ambiguous or uncertain, reference may be had to the figures to fix the amount.

Second. Where the instrument provides for the payment of interest without specifying the date from which interest is to run, the interest runs from the date of the instrument, and if the instrument is undated, from the issue thereof.

Third. Where the instrument is not dated it will be considered to be dated as of the time it was issued.

Fourth. Where there is conflict between the written and printed provisions of the instrument, the written provisions prevail.

Fifth. Where the instrument is so ambiguous that there is doubt whether it is a bill or note, the holder may treat it as either at his election.

Sixth. Where a signature is so placed upon the instrument that it is not clear in what capacity the person making the same intended to sign, he is to be deemed an indorser.

Seventh. Where an instrument containing the words "I promise to pay" is signed by two or more persons, they are deemed to be jointly and severally liable thereon.

Sec. 1322. WHO NOT LIABLE ON.-No person is liable on the instrument whose signature does not appear thereon, except as herein otherwise expressly provided. But one who signs in a trade or assumed name will be liable to the same extent as if he had signed in his own name.

Sec. 1323. SIGNATURE BY AGENT.-The signature of any party may be made by a duly authorized agent. No partícular form of appointment is necessary for this purpose, and the authority of the agent may be established as in other cases of agency.

Sec. 1324. AGENT, WHEN NOT LIABLE ON.-Where the instrument contains or a person adds to his signature words indicating that he signs for or on behalf of a principal, or in a representative capacity, he is not liable on

the instrument if he was duly authorized, but the mere addition of words describing him as an agent or as filling a representative character without disclosing his principal does not exempt him from personal liability.

Sec. 1325. SIGNATURE BY PROCURATION.-A signature by "procuration" operates as notice that the agent has but a limited authority to sign, and the principal is bound only in case the agent in so signing acted within the actual limits of his authority.

Sec. 1326. INDORSEMENT BY CORPORATION OR INFANT. The indorsement or assignment of the instrument by a corporation or by an infant passes the property therein, notwithstanding that from want of capacity the corporation or infant may incur no liability thereon.

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Sec. 1327. FORGED SIGNATURE.-Where a signature is forged or made without the authority of the person whose signature it purports to be it is wholly inoperative, and no right to retain the instrument, or to give a discharge therefor, or to enforce payment thereof against any party 31 D. C. App., thereto can be acquired through or under such signature, App., 286. unless the party against whom it is sought to enforce such right is precluded from setting up the forgery or want of authority.

CONSIDERA

427; 13 D. C.

Towles v. Tanner, 21 D. C. App.,

Sec. 1328. PRESUMPTION OF VALUABLE TION.-Every negotiable instrument is deemed prima 530. facie to have been issued for a valuable consideration, and every person whose signature appears thereon to have become a party thereto for value.

Ward, 10 D. C..

Sec. 1329. WHAT IS VALUE.-Value is any considera- Metzerott v. tion sufficient to support a simple contract. An antece- App., 514; Iline v. dent or preexisting debt constitutes value, and is deemed Morse, 31 D. C. such whether the instrument is payable on demand or at D. C. App., 570. a future time.

App., 433; 23

Sec. 1330. WHO IS HOLDER FOR VALUE.-Where value Richards v. Street, 31 D. C. has at any time been given for the instrument, the holder App., 427; 21 D. C. is deemed a holder for value in respect to all parties who became such prior to that time.

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1356-1363, 18 D. C. App., 48; 17 D. C.

Sec. 1331. Where the holder has a lien on the instru- App., 283. ment, arising either from contract or by implication of law, he is deemed a holder for value to the extent of his lien.

Brown v. Ohio Nat. Bank, 18 D.

Sec. 1332. ABSENCE OR FAILURE OF CONSIDERATION.Absence or failure of consideration is matter of defense C. App., 598, 3 D. as against any person not a holder in due course; and C. App.,114:10 D. partial failure of consideration is a defense pro tanto, C. App.,570; 15 D. whether the failure is an ascertained and liquidated C. APP., 357.

amount or otherwise.

Sec. 1333. ACCOMMODATION PARTIES.-An accommodation party is one who has signed the instrument as maker, drawer, acceptor, or indorser, without receiving value therefor, and for the purpose of lending his name to some other person. Such a person is liable on the instrument to a holder for value, notwithstanding such holder at the time of taking the instrument knew him to be only an accommodation party.

C. App., 1; 23 D.

Ib., sec. 1326.

Bowie v. Hume,

13 D. C. App., 286;

Sec. 1334. NEGOTIATION.-An instrument is negotiated when it is transferred from one person to another in such manner as to constitute the transferee the holder thereof. If payable to bearer it is negotiated by delivery; if payable to order it is negotiated by the indorsement of the holder, completed by delivery.

Sec. 1335. INDORSEMENT.-The indorsement must be 21 D. C. App., 190. written on the instrument itself or upon a paper attached thereto. The signature of the indorser, without additional words, is a sufficient indorsement.

Jerman v. Edwards, 29 D. C. App., 537.

Sec. 1338.

15 D. C. App., 357.

Sec. 1336. The indorsement must be an indorsement of the entire instrument. An indorsement which purports to transfer to the indorsee a part only of the amount payable, or which purports to transfer the instrument to two or more indorsees severally, does not operate as a negotiation of the instrument; but where the instrument has been paid in part it may be indorsed as to the residue. Sec. 1337. An indorsement may be either special or in blank; and it may also be either restrictive or qualified or conditional.

Sec. 1338. SPECIAL INDORSEMENT. A special indorsement specifies the person to whom or to whose order the instrument is to be payable; and the indorsement of such indorsee is necessary to the further negotiation of the instrument. An indorsement in blank specifies no indorsee, and an instrument so indorsed is payable to bearer and may be negotiated by delivery.

Sec. 1339. The holder may convert a blank indorsement into a special indorsement by writing over the signature of the indorser in blank any contract consistent with the character of the indorsement.

Sec. 1340. RESTRICTIVE INDORSEMENT.-An indorsement is restrictive which either—

First. Prohibits the further negotiation of the instrument; or,

Second. Constitutes the indorsee the agent of the indorser; or,

Third. Vests the title in the indorsee in trust for or to the use of some other person. But the mere absence of words implying power to negotiate does not make an indorsement restrictive.

Sec. 1341. A restrictive indorsement confers upon the indorsee the right—

First. To receive payment of the instrument.

Second. To bring any action thereon that the indorser could bring.

Third. To transfer his rights as such indorsee where the form of the indorsement authorizes him to do so.

But all subsequent indorsees acquire only the title of the first indorsee under the restrictive indorsement.

Sec. 1342. QUALIFIED INDORSEMENT.-A qualified indorsement constitutes the indorser a mere assignor of the title to the instrument. It may be made by adding to the indorser's signature the words "without recourse," or any

words of similar import. Such an indorsement does not impair the negotiable character of the instrument.

Sec. 1343. CONDITIONAL INDORSEMENT. Where an indorsement is conditional, a party required to pay the instrument may disregard the condition and make payment to the indorsee or his transferee, whether the condition has been fulfilled or not. But any person to whom an instrument so indorsed is negotiated will hold the same, or the proceeds thereof, subject to the rights of the person indorsing conditionally.

Sec. 1344. SPECIAL INDORSEMENT, WHEN PAYABLE TO BEARER.- Where an instrument payable to bearer is indorsed specially it may, nevertheless, be further negotiated by delivery; but the person indorsing specially is liable as indorser to only such holders as make title through his indorsement.

Sec. 1345. JOINT PAYEES NOT PARTNERS.-Where an instrument is payable to the order of two or more payees or indorsees who are not partners all must indorse, unless the one indorsing has authority to indorse for the others.

Sec. 1346. PAYABLE TO CASHIER.-Where an instrument is drawn or indorsed to a person as "cashier" or other fiscal officer of a bank or corporation, it is deemed prima facie to be payable to the bank or corporation of which he is such officer, and may be negotiated by either the indorsement of the bank or corporation or the indorsement of the officer.

Sec. 1347. PAYEE'S NAME MISSPELLED.-Where the name of a payee or indorsee is wrongly designated or misspelled he may indorse the instrument as therein described, adding, if he think fit, his proper signature.

Sec. 1348. INDORSEMENT BY REPRESENTATIVE.-Where any person is under obligation to indorse in a representative capacity he may indorse in such terms as to negative personal liability.

Sec. 1349. PRESUMPTION OF NEGOTIATION BEFORE MATURITY. Except where an indorsement bears date after the maturity of the instrument, every negotiation is deemed prima facie to have been effected before the instrument was overdue.

Sec. 1350. PRESUMPTION AS TO PLACE OF MAKING.Except where the contrary appears, every indorsement is presumed prima facie to have been made at the place where the instrument is dated.

CONTINUES

Sec. 1351. NEGOTIABLE INSTRUMENT SUCH.-An instrument negotiable in its origin continues to to be negotiable until it has been restrictively indorsed or discharged by payment or otherwise.

Ib., sec. 1271.

Sec. 1352. STRIKING OUT INDORSEMENTS.-The holder Ib., see. 1338. may at any time strike out any indorsement which is not necessary to his title. The indorser whose indorsement is struck out and all indorsers subsequent to him are thereby relieved from liability on the instrument.

Sec. 1353. TRANSFER WITHOUT INDORSING.-Where the holder of an instrument payable to his order transfers it

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