and that if it be dishonored, and the necessary proceedings on dishonor be duly taken, he will pay the amount thereof to the holder, or to any indorser who may be compelled to pay it. But the drawer may insert in the instrument an express stipulation negativing or limiting his own liability to the holder.

[ENGAGEMENTS OF ACCEPTOR.] § 62. The acceptor by accepting the instrument engages that he will pay it according to the tenor of his acceptance, and admits:

1. The existence of the drawer, the genuineness of his signature, and his capacity and authority to draw the instrument; and

2. The existence of the payee and his then capacity to indorse.

[SIGNING OTHERWISE THAN AS MAKER, DRAWER

OR ACCEPTOR DEEMED AN INDORSEMENT UNLESS RE

STRICTED.] 63. A person placing his signature upon an instrument otherwise than as maker, drawer or acceptor is deemed to be an endorser, unless he clearly indicated by appropriate words his intention to be bound in some other capacity.

[LIABILITY OF INDORSER IN BLANK BEFORE DELIVERING.] 8 64. Where a person, not otherwise a party to an instrument, places thereon his signature in blank before delivery, he is liable as indorser in accordance with the following rules:

1. If the instrument is payable to the order of a third person, he is liable to the payee and to all subsequent parties.

(1. If the instrument is a note or bill, payable to the order of a third person or an accepted bill, payable to the order of the drawer, he is liable to the payee and to all subsequent parties.)

2. If the instrument is payable to the order of the maker or drawer, or is payable to bearer, he is liable to all parties subsequent to the maker or drawer.

(2. If the instrument is a note or unaccepted bill payable to the order of the maker or drawer, or is payable to bearer, he is liable to all parties subsequent to the maker or drawer.)

3. If he signs for the accommodation of the payee, he is liable to all parties subsequent to the payee.

[WARRANTIES IMPORTED BY NEGOTIATION BY DELIVERY OR QUALIFIED INDORSEMENT.] § 65. Every person negotiating an instrument by delivery or by a qualified indorsement, warrants:

1. That the instrument is genuine and in all respects what it purports to be.

2. That he has a good title to it.

3. That all prior parties had capacity to contract. 4. That he has no knowledge of any fact which would impair the validity of the instrument or render it valueless.

(4. That he has no knowledge of any fact which would impair the validity of the instrument.)

But when the negotiation is by delivery only, the warranty extends in favor of no holder other than the immediate transferee.

The provisions of subdivision three of this section do not apply to persons negotiating public or corporate securities, other than bills and notes.

[WARRANTIES OF ALL INDORSERS EXCEPT ACCOMMODATION INDORSERS WITH QUALIFICATION.] § 66. Every indorser not an accommodating party who indorses without qualification, warrants to all subsequent holders in due course:

Vol. IX.-7.

1. The matters and things mentioned in subdivision one, two, three and four of the next preceding section; and

2. That the instrument is at the time of his indorsement valid and subsisting.

And, in addition, every indorser engages that on due presentment, it shall be accepted or paid, or both, as the case may be, according to its tenor, and that if it be dishonored and the necessary proceedings on dishonor be duly taken, he will pay the amount thereof to the holder, or to any subsequent indorser who may be compelled to pay it.

[INDORSEMENT OF INSTRUMENT NEGOTIABLE BY DELIVERY.] 67. Where a person places his indorsement on an instrument negotiable by delivery he incurs all the liabilities of an indorser.

[INDORSERS LIABLE IN ORDER OF INDORSEMENTS-JOINT AND SEVERAL LIABILITY.] § 68. As respects one another, indorsers are liable prima facie in the order in which they indorse; but evidence is admissible to show that as between or among themselves they have agreed otherwise. All parties jointly liable on a negotiable instrument are deemed to be jointly and severally liable.

[LIABILITY OF BROKER OR AGENT NEGOTIATING INSTRUMENT WITHOUT INDORSEMENT.] $ 69. Where a broker or other agent negotiated an instrument without indorsement, he incurs all the liabilities prescribed by section sixty-five of this act, unless he discloses the name of his principal, and the fact that he is acting only as agent.

[MEASURE OF DAMAGES ON PROTEST OF BILL

DRAWN OR INDORSED WITHIN THIS STATE AND PAYABLE

WITHOUT THE STATE.] § 69a. Whenever any bill of exchange drawn or indorsed within this state and

payable without this state is duly protested for nonacceptance or non-payment, the drawer or indorser thereof, due notice being given of such non-acceptance or non-payment, shall pay such bill at the current rate of exchange and with legal interest from the time such bill ought to have been paid until paid, together with the costs and charges of protest, and on bills payable in the United States in case suit has to be brought thereon and on bills payable without the United States with or without suit, 5% damages in addition.

ARTICLE VI.-PRESENTMENT FOR PAYMENT.

[PRESENTMENT, WHEN NECESSARY.] 70. Presentment for payment is not necessary in order to charge the person primarily liable on the instrument except in case of bank notes; but if the instrument is, by its terms, payable at a special place and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to a tender of payment upon his part. But except as herein otherwise provided, presentment for payment is necessary in order to charge the drawer and indorsers.

[TIME OF.] § 71. Where the instrument is not payable on demand, presentment must be made on the day it falls due. Where it is payable on demand, presentment must be made within a reasonable time after its issue, except that in case of a bill of exchange, presentment for payment will be sufficient if made within a reasonable time after the last negotiation thereof.

[ELEMENTS OF SUFFICIENCY.] § 72. Presentment for payment, to be sufficient, must be made: 1. By the holder, or by some person authorized to receive payment on his behalf.

2. At a reasonable hour on a business day.

3. At a proper place as herein defined.

4. To the person primarily liable on the instrument, or if he is absent or inaccessible, to any person found at the place where the presentment is made.

Pre

[REQUIREMENTS AS TO PLACE.] § 73. sentment for payment is made at the proper place: 1. Where a place of payment is specified in the instrument and it is there presented.

2. Where no place of payment is specified and the address of the person to make the payment is given in the instrument and it is there presented.

3. Where no place of payment is specified and no address is given and the instrument is presented at the usual place of business or residence of the person to make payment.

4. In any other case, if presented to the person to make payment wherever he can be found, or if presented at his last known place of business or residence.

[EXHIBITION OF INSTRUMENT AND DELIVERY TO PARTY PAYING.] 74. The instrument must be exhibited to the person from whom payment is demanded, and when it is paid must be delivered up to the party paying it.

[INSTRUMENT PAYABLE AT BANK MUST BE PRESENTED DURING BANKING HOURS-EXCEPTION.] § 75. Where the instrument is payable at a bank, presentment for payment must be made during banking hours, unless the person to make payment has no funds there to meet it at any time during the day, in which case presentment at any hour before the bank is closed on that day is sufficient.

OF DECEASED

[TO PERSONAL REPRESENTATIVE MAKER OR INDORSER.] § 76. Where the person primarily liable on the instrument is dead, and no place of