Public and Local Acts of the Legislature of the State of Michigan, Part 2 |
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Contents
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Other editions - View all
Common terms and phrases
act is ordered act number ACT to amend act to provide acts of eighteen amended amount annual application appoint appropriated Approved June assessment association Auditor authorized bill bonds cause certificate chapter clerk collected commissioner Compiled Laws copy corporation court deemed district duty eight eighteen hundred ninety-seven election entitled An act examination exceed expenses filed fish five four fund further give hereby highways hold holder hundred dollars incorporation inspectors issue lands Laws of eighteen less liable manner meeting Michigan enact necessary nine nineteen hundred notice ordered to take organized owner paid party payment Penalty person prescribe present public acts purchase receive record repeal road Secretary seven take immediate effect term thereof thousand dollars tion township treasurer trustees Upper Peninsula village violation vote waters
Popular passages
Page 397 - That at the time it was negotiated to him he had no notice of any infirmity in the instrument or defect in the title of the person negotiating it.
Page 394 - 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.
Page 394 - 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 thereto, can be acquired through or under such signature, unless the party against whom it is sought to enforce such right is precluded from setting up the forgery or want of authority.
Page 406 - A bill of exchange is an unconditional order in writing, 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 or to the order of a specified person, or to bearer.
Page 409 - Where the holder of a bill drawn payable elsewhere than at the place of business or the residence of the drawee has not time with the exercise of reasonable diligence to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused, and does not discharge the drawers and indorsers.
Page 400 - 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 the case of a bill of exchange, presentment for payment will be sufficient if made within a reasonable time after the last negotiation thereof.
Page 410 - Delay in making presentment for payment is excused when the delay is caused by circumstances beyond the control of the holder, and not imputable to his default, misconduct, or negligence. When the cause of delay ceases to operate, presentment must be made with reasonable diligence.
Page 407 - The drawer of a bill and any indorser may insert 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 non-acceptance or nonpayment. Such person is called the referee in case of need.
Page 406 - An inland bill of exchange is a bill which is, or on its face purports to be, both drawn and payable within this state. 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.
Page 398 - In the hands of any holder other than a holder in due course, a negotiable instrument is subject to the same defenses as if it were non-negotiable. But a holder who derives his title through a holder in due course...