Page:United States Statutes at Large Volume 30.djvu/835

FIFTY-FIFTH CONGRESS. Sess. III. Ch. 47. .1800. 7 97 lute and unconditional renunciation of his rights against the principal debtor, made at or after the maturity of the instrument. discharges the instrument; but a renunciation does not affect the rights of a holder in due course without notice. A renunciation must be in writing, unless the instrument is delivered up to the person primarily liable thereon. Sec. 123. That a cancellation made unintentionally, or under a mis- U¤im~¤¤¤¤•1 cantake, or without the authority of the holder, is inoperative; but where §°§gZ{{°°’ b'"°°" °’ an instrument or any signature thereon appears to have been canceled the burden of proof lies on the party who alleges that the cancellation was made unintentionally, or under a mistake, or without anthorit_y. Sec. 124. That where a negotiable instrument is materially altered M¤¤¤¤¤¤.¤¤¤¤tofwithout the assent of all parties liable thereon, it is avoided, except_ as against a party who has himself made, authorized, or assented to the ' alteration and subsequent indorsers. But when an instrument has been materially altered and is in the hands of a holder, in due course, not a party to the alteration, he may enforce payment thereof according to its original tenor. Sec. 125. That any alteration which changes: wggmlgwgiim First. The date; . ° ' Second. The sum payable, either for principal or interest; Third. The time or place of payment; Fourth. The number or the relations of the parties; Fifth. The medium or currency in which payment is to be made; Or which adds a place of payment where no place of payment is specified, or any other change or addition which alters the effect of the instrument in any respect, is a material alteration. — Trrmn H. Bums or Exoumcm. mm at mum. ARTICLE 1. rom: AND INTERPRETATION. tags? ¤¤¤ i¤¢•¤1•r¤- Sec. 126. That a bill of exchange is an unconditional order in writing mmm. addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer. Sec. 127. That a bill of itself does not operate as an assignment of mn not sings. the funds in the hands of the drawee available for the payment thereof, }','§,{‘,{, ,,‘}f,,,f‘#‘,‘},f "‘ and the drawee is not liable on the bill unless and until he accepts the ' same. Sec. 128. That a bill may be addressed to two or more drawees jointly, mfillé »<rir•;•¤•i to whether they are partners or not, but not to two or more drawees in the ”° '“ °"° ""°°‘ alternative or in succession. Sec. 129. That an inland bill of exchange is a bill which is, or on its bipglmd •¤¤ roman face purports to be, both drawn and payable within the District of ' Columbia. Any other bill is a foreign bill. Unless the contrary appears on the face of the bill, the holder may treat it as an inland bill. Sec. 130. That where in a bill drawer and drawee are the same per- I wang? un may u son, or where the drawee is a fictitious person, or a person not having ,,§’$,_ “"°"“"°” capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchange or a promissory note. Sec. 131. That the drawer of a bill and any indorser may insert ng¤w¤• i¤ Mw of thereon the name of a person to whom the holder may resort in case of ‘ need; that is to say, in case the bill is dishonored by nonacceptance or nonpayment. Such person is called the referee in case of need. It is in the option of the holder to resort to the referee in case of need or not, as he may see fit. Y ARTICLE 11. ACCEPTANCE. A¤·=¤P*·¤¤¤¤- Sec. 132. That the acceptance of a bill is the signidcation by the —1¤<>w=¤•¤¤- drawee of his assent to the order of the drawer. The acceptance must bein writing and signed by the drawee. It must not express that the