negotiable instrument

Act No. 2031 February 03, 1911 THE NEGOTIABLE INSTRUENTS LA!

A"T NO. 2031 February 03, 1911

THE NEGOTIABLE INSTRUENTS LA! I. FOR AN# INTER$RETATION Sect%o& 1. Form of negotiable instruments. - A& %&'tru(e&t to be &e)ot%ab*e (u't co&+or( to t,e +o**o-%&) re.u%re(e&t'/c,a&rob*e'0%rtua**a-*%brary 1a2 It (u't be %& -r%t%&) a&3 '%)&e3 by t,e (a4er or 3ra-er5 1b2 u't co&ta%& a& u&co&3%t%o&a* 6ro(%'e or or3er to 6ay a 'u( certa%& %& (o&ey5 1c2 u't be 6ayab*e o& 3e(a&3, or at a 78e3 or 3eter(%&ab*e +uture t%(e5 132 u't be 6ayab*e to or3er or to bearer5 a&3 1e2 !,ere t,e %&'tru(e&t %' a33re''e3 toa 3ra-ee, ,e (u't be &a(e3 or ot,er-%'e %&3%cate3 t,ere%& -%t, rea'o&ab*e certa%&ty. Sec. 2. What constitutes certainty as to sum. 9 T,e 'u( 6ayab*e %' a 'u( certa%& -%t,%& t,e (ea&%&) o+ t,%' Act, a*t,ou), %t %' to be 6a%3/ 1a2 -%t, %&tere't5 or 1b2 by 'tate3 %&'ta**(e&t'5 or 1c2 by 'tate3 %&'ta**(e&t', -%t, a 6ro0%'%o& t,at, u6o& 3e+au*t %& 6ay(e&t o+ a&y %&'ta**(e&t or o+ %&tere't, t,e -,o*e ',a** beco(e 3ue5 or 132 -%t, e8c,a&)e, -,et,er at a 78e3 rate or at t,e curre&t rate5 or 1e2 -%t, co't' o+ co**ect%o& or a& attor&ey:' +ee, %& ca'e 6ay(e&t ',a** &otbe (a3e at (atur%ty. Sec. 3. When promise is unconditional. - A& u&.ua*%7e3 or3er or 6ro(%'e to 6ay %' u&co&3%t%o&a* -%t,%& t,e (ea&%&) o+ t,%' Act t,ou), cou6*e3 -%t,/ 1a2 A& %&3%cat%o& o+ a 6art%cu*ar +u&3 out o+ -,%c, re%(bur'e(e&t %' to be (a3e ora 6art%cu*ar accou&t to be 3eb%te3 -%t, t,e a(ou&t5 or 1b2 A 'tate(e&t o+ t,e tra&'act%o& -,%c, )%0e' r%'e to t,e %&'tru(e&t. But a& or3er or 6ro(%'e to 6ay out o+ a 6art%cu*ar +u&3 %' &ot u&co&3%t%o&a*.c,a& rob*e' 0%rtua* *a- *%brary Sec. ;. Determinable future time; what constitutes. 9 A& %&'tru(e&t %' 6ayab*e at a 3eter(%&ab*e +uture t%(e, -%t,%& t,e (ea&%&) o+t,%' Act, -,%c, %' e86re''e3 to be 6ayab*e/c,a&rob*e'0%rtua**a-*%brary 1a2 At a 78e3 6er%o3 a+ter 3ate or '%),t5 or 1b2 O& or be+ore a 78e3 or 3eter(%&ab*e +uture t%(e '6ec%7e3 t,ere%&5 or 1c2 O& or at a 78e3 6er%o3 a+ter t,e occurre&ce o+ a '6ec%7e3 e0e&t -,%c, %' certa%& to ,a66e&, t,ou), t,e t%(e o+ ,a66e&%&) be u&certa%&. A&%&'tru(e&t 6ayab*eu6o&aco&t%&)e&cy%'&ot &e)ot%ab*e, a&3 t,e ,a66e&%&) o+ t,e e0e&t3oe' &ot cure t,e 3e+ect.Sec. e3 to rece%0e 6ay(e&t o& ,%'be,a*+51b2Atarea'o&ab*e,ouro& a bu'%&e''3ay51c2 At a 6ro6er 6*ace a' ,ere%& 3e7&e35132 To t,e 6er'o& 6r%(ar%*y *%ab*e o& t,e%&'tru(e&t, or %+ ,e %' ab'e&t or%&acce''%b*e, to a&y 6er'o& +ou&3 at t,e6*ace -,ere t,e 6re'e&t(e&t %' (a3e. Sec. A3.,laceof presentment. -$re'e&t(e&t+or 6ay(e&t %' (a3e at t,e 6ro6er6*ace/c,a&rob*e'0%rtua**a-*%brary 1a2 !,ere a 6*ace o+ 6ay(e&t %''6ec%7e3 %& t,e %&'tru(e&t a&3 %t %' t,ere6re'e&te351b2 !,ere &o 6*ace o+ 6ay(e&t %''6ec%7e3 but t,ea33re''o+ t,e6er'o&to (a4e 6ay(e&t %' )%0e& %& t,e%&'tru(e&t a&3%t %' t,ere6re'e&te351c2 !,ere &o 6*ace o+ 6ay(e&t %''6ec%7e3a&3&oa33re'' %')%0e&a&3t,e %&'tru(e&t %' 6re'e&te3 at t,e u'ua*6*ace o+ bu'%&e'' or re'%3e&ce o+ t,e6er'o& to (a4e 6ay(e&t5132 I& a&y ot,er ca'e %+ 6re'e&te3 to t,e6er'o&to(a4e6ay(e&t -,ere0er ,eca& be +ou&3, or %+ 6re'e&te3 at ,%' *a't4&o-& 6*ace o+ bu'%&e'' or re'%3e&ce. Sec. A;.&nstrument must bee3hibited.9 T,e%&'tru(e&t (u't be e8,%b%te3 to t,e 6er'o&+ro( -,o( 6ay(e&t %' 3e(a&3e3, a&3 -,e& %t%' 6a%3, (u't be 3e*%0ere3 u6 to t,e 6arty6ay%&) %t.Sec. Ae3toacce6t or re+u'e acce6ta&ce o& ,%' be,a*+5 a&3 1a2!,ereab%** %'a33re''e3tot-oor(ore 3ra-ee' -,o are &ot 6art&er',6re'e&t(e&t (u't be (a3e to t,e( a**u&*e'' o&e,a' aut,or%tytoacce6t orre+u'e acce6ta&ce +or a**, %& -,%c, ca'e6re'e&t(e&t (ay be (a3e to ,%( o&*y5

1b2 !,ere t,e 3ra-ee %' 3ea3,6re'e&t(e&t (ay be (a3e to ,%'6er'o&a* re6re'e&tat%0e5

1c2 !,ere t,e 3ra-ee ,a' bee&a3?u3)e3 aba&4ru6tora&%&'o*0e&tor,a' (a3e a& a''%)&(e&t +or t,e be&e7to+ cre3%tor', 6re'e&t(e&t (ay be (a3eto ,%( or to ,%' tru'tee or a''%)&ee. Sec. 1;@.Onwhatdayspresentmentmaybemade. 9 A b%** (ay be 6re'e&te3 +or acce6ta&ceo&a&y3ayo&-,%c,&e)ot%ab*e%&'tru(e&t'(ay be 6re'e&te3 +or 6ay(e&t u&3er t,e6ro0%'%o&'o+Sect%o&' 'e0e&ty9t-oa&3e%),ty970e o+ t,%' Act. !,e& Satur3ay %' &ot ot,er-%'ea ,o*%3ay, 6re'e&t(e&t +or acce6ta&ce (ay be(a3e be+ore t-e*0e o:c*oc4 &oo& o& t,at 3ay.

Sec. 1;A.,resentment where time isinsu"cient.9 !,ere t,e ,o*3er o+ a b%**3ra-&6ayab*e e*'e-,ere t,a& at t,e 6*ace o+ bu'%&e''or t,ere'%3e&ceo+ t,e3ra-ee,a'&ot%(e,-%t,t,ee8erc%'eo+ rea'o&ab*e3%*%)e&ce, to6re'e&t t,e b%** +or acce6ta&ce be+ore6re'e&t%&) %t +or 6ay(e&t o& t,e 3ay t,at %t +a**'3ue, t,e 3e*ay cau'e3 by 6re'e&t%&) t,e b%** +oracce6ta&ce be+ore 6re'e&t%&) %t +or 6ay(e&t %'e8cu'e3a&33oe'&ot 3%'c,ar)et,e3ra-er'a&3 %&3or'er'.

Sec. 1;B.Where presentment is e3cused. -$re'e&t(e&t +or acce6ta&ce%'e8cu'e3a&3ab%** (ay be treate3 a' 3%',o&ore3 by &o&9acce6ta&ce %& e%t,er o+ t,e +o**o-%&)ca'e'/c,a&rob*e'0%rtua**a-*%brary 1a2 !,eret,e3ra-ee%'3ea3, or ,a'ab'co&3e3, or %' a 7ct%t%ou' 6er'o& or a6er'o&&ot ,a0%&)ca6ac%tytoco&tractby b%**.

1b2 !,ere, a+ter t,e e8erc%'e o+rea'o&ab*e 3%*%)e&ce, 6re'e&t(e&t ca&&ot be (a3e.

1c2 !,ere, a*t,ou), 6re'e&t(e&t ,a'bee& %rre)u*ar, acce6ta&ce ,a' bee&re+u'e3 o& 'o(e ot,er )rou&3. Sec. 1;9. When dishonored by nonacceptance. 9A b%** %' 3%',o&ore3 by &o&9acce6ta&ce/c,a&rob*e'0%rtua**a-*%brary 1a2 !,e& %t %' 3u*y 6re'e&te3 +oracce6ta&cea&3'uc,a&acce6ta&cea'%' 6re'cr%be3 by t,%' Act %' re+u'e3 or ca&&ot be obta%&e35 or

1b2 !,e& 6re'e&t(e&t +or acce6ta&ce %'e8cu'e3 a&3 t,e b%** %' &ot acce6te3. Sec. 1