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PARTIES, delivery as between immediate and remote, 121-2

capacity and authority of, 124

who may be parties to a bill, 124

holder for value as against prior, 179

holder in due course free from defects of, 235

liabilities of, 310

PARTNERS, bill may be addressed to, 59

acceptance of bill by one, 99

signature of firm equivalent to that of all, 138, 142
power of, to bind firm, 142, 154

bill by one in fraud of others, 142-5, 198

PAYMENT, when no time for, is expressed, 80

time of, how determined, 90, 93

by acceptor, when conditional, 109

holder entitled to, although drawer or indorser without capacity, 136
of cheque on forged indorsement, 146

against conditional indorsement valid, 217

restrictive indorsee may receive, 224

discharge by, stops negotiability of bill, 225
of bill negotiated back, 231

holder may enforce, 232

to holder with defective title valid, 239

bill must be duly presented for, 254

rules as to presentment for, 255-263

when delay is excused in presenting for, 263-8

refusal of, is dishonor of bill, 268

dishonor for want of, gives immediate recourse, 26
bill should be exhibited on demand of, 309
acceptor of bill primarily liable for, 312
drawer of bill conditionally liable for, 315
indorser of bill conditionally liable for, 317

of bill by drawer or indorser gives right to damages, 324
interest on demand bill from presentment for, 324

further damages bear interest until, 326-7

in due course by drawee or acceptor discharges bill, 332
"payment in due course defined, 332

Daniel's definition of, 332

in good faith, 333

by bill or note, 333

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may be absolute, 333

is only conditional without agreement,333
renewal, presumption against, 333

part payment is equity attaching to bill, 338

PAYMENT-Continued.

compensation in Quebec operates as, 339

defect of title, 339

prescription or Statute of Limitations as, 341
by drawer or indorser is not discharge, 349

by drawer, right against acceptor, 349

by indorser, right against antecedent parties, 349-50
alteration of time of, material, 363

for honor supra protest, 371

only after protest, 371

discharges subsequent parties, 373
entitles payer to bill, 373

effect of refusal to accept, 373-4

of one part of set discharges whole, 378

unless more than one part accepted, 378

contract when governed by law of place of, 384
lex loci solutionis, 392

presentment of cheque for, 401

reasonable time for presenting cheque for, 402
of cheque by bank, when stopped. 404
of crossed cheque by bank, 409-12
presentment of demand note for, 424

presentment of note at place named, 427, 430
if note names no place of, 427

indorser liable only after presentment for, 429
maker of note primarily liable for, 430

PENALTY, banks not liable to, for usury, 75
company omitting word "limited," 132-3
officers of company liable for, 132

for omitting "given for a patent right," 204
for issuing notes to circulate as money, 415

PENCIL, writing may be in, 36

signature may be in, 39

PERSON, defined, 30, 39

fictitious, 39, 56, 63, 66, 249. 266

PERSONAL DEFENCES, holder in due course free from, 235

PERSONAL LIABILITY, when party not subject to, 159
of agent, 159, 166

of officers of corporations, 99, 159-164

difference between bills and notes, 160, 431

of executors, administrators, tutors, etc., 164-6
indorsement to negative, 211

PERSONAL REPRESENTATIVE,

on death of holder bill passes to, 209
presentment to, of dead drawee, 248, 262

acceptor, 262

should give notice of dishonor, 275

notice to, of dead drawer or indorser, 280-2

PLACE, bill valid without stating where drawn, 51
payable, 51

of payment not named, payable generally, 52

may be payable where drawn, 52

not qualified acceptance to pay at specified, 109

of payment sufficient without "not elsewhere," 110

of business, bill not payable at, 241-2

of presentment for acceptance, 248

bill presented at the proper, 258

of payment named in bill or acceptance, 258
when alternative places are named, 259

of payment not specified, 260, 262, 263

of business, presentment at last known, 260
presentment at proper, sufficient, 261
presentment at postoffice, 263

of protest, 302

of payment not named, when acceptor liable, 306

named, liability of acceptor, 307

alteration of, material, 363, 364

adding to bill, material alteration, 363

law of, 384, 392

law of, governs due date, 390

note must be presented at, 427

named in note, when indorser liable, 430

PLEDGE, holder of bill as, 180-See Lien

of collateral security, note may contain, 420
discounter of bills is not pledgee but owner, 183
POSSESSION, bearer is person in, 26

delivery is transfer of, 27

actual and constructive, 27

holder is payee or indorsee in, 27-8

delivery is presumed from transfer of, 121-2

person may hold bill as an escrow, 122

gives right to sue, 232

adversely to real owner, 235

POST-DATED instruments valid, 88, 396

not an irregularity, 396

POST OFFICE, when presentment made through, 248, 262
when demand to be made at, 263

notice of dishonor deposited in, 285

sender not liable for mis-carriage by, 289-90

letter in, belongs to party addressed, 290

POTHIER, Contrat de Change

cited for old French law, iv.

based on Commercial Ordinance, 7

See Ancient French Law

PREMATURE presentment for payment a nullity, 256

payment before maturity not a discharge, 332

PRESCRIPTION, see Statute of Limitations
law differs in different provinces, 341
time in Quebec 5 years, 341
absolutely extinguishes debt, 341

interruption of, by written acknowledgment, 341
runs against persons without capacity, 341

how reckoned in case of conflict, 342

English Statute in Canada, 342

in Ontario, Nova Scotia and New Brunswick, 342
writing to take case out of statute, 343, 344-5

when statute begins to run, 343

Chalmers' five rules for England, 343-4

of notarial note en brevet, 346

governed by lex fori, 346, 393

PRESENTATION, payable on, is payable on demand, 80, 81

protest prima facie evidence of, 444

costs of action before, discretionary, 307, 427

PRESENTMENT FOR ACCEPTANCE,

when dated as of first presentment, 107

when necessary to fix maturity, 240

to whom should be made, 241

place of, 241

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provisions as to, not applicable to notes, 432

PRESENTMENT FOR PAYMENT, must be duly made, 254
drawer and indorsers discharged unless, 254

not necessary as against acceptor, 255

rules as to, 255

time for, when bill not payable on demand, 255-6

payable on demand, 255-6

made by holder or by his authority, 257

at the proper place, 257

to payer or his representative, 257

hour may depend on place, 257-8

at place specified in bill or acceptance, 258
when at address of drawee or acceptor, 260

when at place of business of drawee or acceptor, 260
when to drawee or acceptor anywhere, 260

at proper place, when sufficient, 261

to all drawees or acceptors not partners, 262

to representative of dead drawee or acceptor, 262

when through post office, 262

when at post office, 263

when delay in, excused, 263-4

should be made, when cause ceases, 264

dispensed with when impossible, 265

when drawee is fictitious, 266

as regards the drawer, 266

an indorser, 267

by waiver express or implied, 267

and refusal, dishonors bill, 268

acceptor liable without, if no place named, 306

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