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TITLE 2 SEC. 22. Rate of damages on protest of bill for non-acceptance.
23. Purchasers of bills only to recover damages herein allowed.

Promissory notes paya

ble to order negotiable.

or to bearer,

Their effect.

Signature by agent.

Corporations included.

Actions by payees, endorsees and holders.

Effect when payable to

ker, &c.

S 1. All notes in writing, made and signed by any person, whereby he shall promise to pay to any other person, or his order, or to the order of any other person, or unto the bearer, any sum of money therein mentioned, shall be due and payable, as therein expressed; and shall have the same effect, and be negotiable in like manner, as inland bills of exchange, according to the custom of merchants.3

S2. Every such note, signed by the agent of any person, under a general or special authority, shall bind such person, and shall have the same effect, and be negotiable, as above provided.3

$ 3. The word "person," in the two last preceding sections, shall be construed to extend to every corporation, capable by law of making

contracts.

$ 4. The payees and endorsees of every such note payable to them or their order, and the holders of every such note payable to bearer, may maintain actions for the sums of money therein mentioned, against the makers and endorsers of the same respectively, in like manner as in cases of inland bills of exchange, and not otherwise.3

$5. Such notes, made payable to the order of the maker thereof, order of ma- or to the order of a fictitious person, shall, if negotiated by the maker, have the same effect, and be of the same validity, as against the maker and all persons having knowledge of the facts, as if payable to bearer.

Acceptances of bills to be

$6. No person within this state shall be charged as an acceptor in writing, &c on a bill of exchange, unless his acceptance shall be in writing, signed by himself, or his lawful agent.

Effect of ac

ceptance on separate

paper.

Written pro

cept.

$7. If such acceptance be written on a paper, other than the bill, it shall not bind the acceptor, except in favor of a person to whom such acceptance shall have been shown, and who, on the faith thereof, shall have received the bill for a valuable consideration.

$8. An unconditional promise, in writing, to accept a bill before mises to ac- it is drawn, shall be deemed an actual acceptance, in favor of every person who, upon the faith thereof, shall have received the bill for a valuable consideration.

Refusal to accept on bill.

Rights of drawers in

$ 9. Every holder of a bill, presenting the same for acceptance, may require that the acceptance be written on the bill. A refusal to comply with such request, shall be deemed a refusal to accept, and the bill may be protested for non-acceptance.

$10. The four last sections shall not be construed to impair the certain cases, right of any person, to whom a promise to accept a bill, may have affected. been made, and who, on the faith of such promise, shall have drawn

not to be

(3) 1 R L. p. 151.

or negotiated the bill, to recover damages of the party making such TITLE 2 promise, on his refusal to accept such bill.

bill or refusal

when accept

$11. Every person, upon whom a bill of exchange is drawn, and Destroying to whom the same is delivered for acceptance, who shall destroy such to return it, bill, or refuse, within twenty-four hours after such delivery, or within such other period as the holder may allow, to return the bill, accepted or non-accepted, to the holder, shall be deemed to have accepted

the same.

any

anco.

pestilence in New-York, registry of inbe kept by

habitants to

$ 12. Whenever the board of health of the city of New-York, or In case of other competent authority, shall, by public notice, designate any portion or district of the said city as being the seat of any infectious or contagious disease, and declare communication with such portion or clerk." district dangerous, or shall prohibit such communication, it shall be the duty of the clerk of the said city and county, during the continuance of such disease in such district, to provide and keep in his office a book, for the purpose of registering in alphabetical order, the names, firms, and places of business of any inhabitant of the city, who shall desire such registry to be made.

their names, and places of

business, &c.

$ 13. It shall be the duty of all persons and firms usually resident, Inhabitants or doing business, within such infected district, to register in the book to register so provided by the said clerk, their names or firms, with the place or places out of such infected district, but within the county of NewYork, to which they may have removed the transaction of their business, or to which they may desire any notices to be sent or served, or any notes, drafts or bills, to be presented for acceptance or for payment. The sum of twenty-five cents may be claimed and re- Fee of clerk. ceived by the said clerk for every such registry; but the book in Register may which the same shall be entered, shall be, at all times during office gratis. hours, open to public examination, free of all charges.1

be examined

&c.

demanded.

$ 14. During the continuance of any such disease in such infected Acceptances, district, all drafts, notes and bills which by law are required to be demay be presented for acceptance or for payment, may be presented for such purpose at the place so designated in such registry; and all notices Notices, &c. of non-acceptance and of non-payment, of any note, draft or bill, or of may be serv protest, for such non-acceptance or non-payment, may be served by leaving the same, at the place so designated.4

ed at designated place.

not made,

may be pre

sonted to

clerk.

$15. In case any person or firm, usually resident or doing business If registry, within such infected district, shall neglect to make and cause to be drafts, &c. entered in the book so provided, the registry herein required, all notes, drafts or bills, which by law are required to be presented to such person or firm for acceptance or for payment, may be presented to the said clerk of the city and county of New-York, during the continuance of such disease, at any time during office hours, and demand of accept(4) Lawa of 1826, p. 12, § 1 & 2.

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TITLE

And notices, &c. may be

office.

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ance or payment thereof, may be made of the said clerk, to the same purpose and with the same effect, as if the same had been presented, and acceptance or payment demanded, of such person or firm, at their usual place of doing business.5

$16. In case of the omission to make the registry herein required, left at post- all notices of the non-acceptance or non-payment of any note, draft or bill, or of protest for such non-acceptance or non-payment, may be served on any person or firm, usually resident or doing business within such infected district, by leaving the same at the post-office for the said city of New-York; which service shall be as valid and effectual, as if the notices had been served personally, on such person, or one of such firm, at his or their usual place of doing business."

When pestilence deemed

sided.

$17. Whenever proclamation shall be made by the board of health, to have sub or other proper authority of the city of New-York, that an infectious or contagious disease in any such infected district, has subsided, it shall be deemed to have subsided, for all the purposes contemplated in this Title.5

Damages on non-payment of bills.

Bills on certain northern

states.

$ 18. The rate of damages to be allowed and paid upon the usual protest for non-payment of bills of exchange, drawn or negotiated within this state, shall, in the following cases, be as follows:

1. If such bill shall have been drawn upon any person or persons and western at any place in either of the states of Maine, New-Hampshire, Vermont, Massachusetts, Rhode-Island, Connecticut, New-Jersey, Pennsylvania, Ohio, Delaware, Maryland or Virginia, or in the district of Columbia, three dollars upon the hundred, upon the principal sum specified in such bill :

On certain

southern and
western
states.

On other states and

continent, &c

2. If such bill shall have been drawn upon any person or persons at any place in either of the states of North-Carolina, South-Carolina, Georgia, Kentucky or Tennessee, five dollars upon the hundred, upon the principal sum specified in such bill:

3. If such bill be drawn upon any person or persons at any place, places on this in any other state or territory of the United States, or at any other place on, or adjacent to, this continent and north of the equator, or in any British or other foreign possessions in the West Indies, or elsewhere in the Western Atlantic ocean, ten dollars upon the hundred, upon the principal sum specified in such bill:7

Bills on Europe.

be in lieu of

4. If such bill shall have been drawn upon any person or persons, at any port or place in Europe, ten dollars upon the hundred, upon the principal sum specified in such bill.

Damages to $ 19. Such damages shall be in lieu of interest, charges of protest, certain inter- and all other charges incurred previous to and at the time of giving notice of non-payment; but the holder of such bill shall be entitled to demand and recover lawful interest upon the aggregate amount of the

est, charges,

(5) Laws of 1826, p. 12, § 1 & 2. (6) Laws of 1823, p. 268. (7) Laws of 1819, p. 34

No reference to rate of ex

principal sum specified in such bill, and of the damages thereon, from TITLE 3. the time at which notice of protest for non-payment, shall have been given, and payment of such principal sum, shall have been demanded.8 $20. If the contents of such bill be expressed in the of acmoney count of the United States, the amount due thereon, and of the dama- change when bill payable ges herein allowed for the non-payment thereof, shall be ascertained and in money of determined, without any reference to the rate of exchange, existing between this state and the place on which such bill shall have been drawn, at the time of the demand of payment, or of notice of nonpayment.8

U. States.

when payable

currency.

$ 21. If the contents of such bill be expressed in the money of ac- Otherwise, count or currency of any foreign country, then the amount due, exclu- in foreign sive of the damages payable thereon, shall be ascertained and determined by the rate of exchange, or the value of such foreign currency, at the time of the demand of payment.8

non-accept

$ 22. Where a bill of exchange shall be protested for non-accept- Damages on ance, the same rate of damages shall be allowed on the protest for non- unce of bills. acceptance, as provided in the four last sections; and shall be in lieu of interest, charges of protest, and all other charges incurred previous to, and at the time of giving notice of non-acceptance; but the holder shall be entitled to recover interest upon the aggregate amount of the principal sum specified in the bill and of the damages thereon, from the time at which notice of protest for non-acceptance shall have been given.9

ver such da

$ 23. The damages allowed by this Title, shall be recovered only Who to reco by the holder of a bill who shall have purchased the same, or some mages. interest therein, for a valuable consideration."

TITLE III.

OF THE INTEREST OF MONEY.

SEC. 1. Rate of interest to continue at seven per cent.

2. Prohibition against taking greater interest.

3. Persons paying greater interest may recover it back in one year.

4. When superintendents and overseers of poor may recover excess.

5. Contracts, &c. for greater rate, void; except negotiable instruments in certain cases.

6. Offenders compelled to answer bills of discovery.

7. Discovery and return of excess, to exonerate from further penalty.

8. Party filing bill not to pay interest on sum loaned; nor to pay principal.

9. How months and days to be considered in casting interest.

cent. to be rate of interest.

10. Interest to be calculated by the year, when no time for that purpose is stated. S1. The rate of interest upon the loan or forbearance of any mo- Seven per ney, goods or things in action, shall continue to be seven dollars upon one hundred dollars for one year, and after that rate for a greater or less sum, or for a longer or shorter time.10

(8) Laws of 1819, p. 34.

1828, § 15, subdivision 30.

(9) Act concerning the Revised Statutes, passed December 10,
(10) 1 R. L. p. 64, § 1 & 2.

TITLE 3. $2. No person or corporation shall, directly or indirectly, take or receive in money, goods or things in action, or in any other way, any rest prohibit greater sum or greater value, for the loan or forbearance of any money, goods or things in action, than is above prescribed.11

Greater inte

ed.

Excess paid may be re

$3. Every person who, for any such loan or forbearance, shall covered back pay or deliver any greater sum or value than is above allowed to be received, and his personal representatives, may recover in an action against the person who shall have taken or received the same, and his personal representatives, the amount of the money so paid or value delivered, above the rate aforesaid, if such action be brought within one year after such payment or delivery.11

When to be recovered by

poor, &c.

S4. If such suit be not brought within the said one year, and proOverseers of secuted with effect, then the said sum may be sued for and recovered with costs, at any time within three years after the said one year, by any overseer of the poor of the town where such payment may have been made, or by any county superintendent of the poor of the county, in which the payment may have been made.

Contracts for

greater sum,

void.

Except negotiable bills

and notes in

hands of

holder with

out notice.

Offenders

discover.

S5. All bonds, bills, notes, assurances, conveyances, all other contracts or securities whatsoever, and all deposits of goods or other things whatsoever, whereupon or whereby there shall be reserved or taken, or secured or agreed to be reserved or taken, any greater sum or greater value, for the loan or forbearance of any money, goods or things in action, than is above prescribed, shall be void; but this section shall not extend to any bills of exchange or promissory notes, payable to order or bearer, in the hands of an endorsee or holder, who shall have received the same in good faith, and for valuable consideration, and who had not, at the time of discounting such bill or note, or paying such consideration for the same, actual notice, that such bill or note, had been originally given, for a usurious consideration, or upon a usurious contract.11

$6. Every person offending against the provisions of this Title, compelled to shall be compelled to answer on oath any bill that may be exhibited against him in the court of chancery, for the discovery of any sum of money, goods or things in action so taken, accepted or received, in violation of the foregoing provisions, or either of them.12

Discovery,

&c. to bar

ty.

$7. Every person who shall discover and repay or return the mofurther penal ney, goods, or other thing so taken, accepted or received, or the value thereof, shall be acquitted and discharged from any other or further forfeiture, penalty or punishment, which he may have incurred, by taking or receiving the money, goods or other thing so discovered and repaid, or returned, as aforesaid. 12

Borrower

S8. Whenever any borrower of any money, goods or things in acto pay into- tion, shall file a bill in chancery for a discovery of the money, goods

filing bill not

(11) 1 R. L. p. 64, § 1 & 2. (12) Ib. § 4.

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