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322. If the drawee is willing to accept on certain conditions or with certain qualifications, and will state them in the acceptance, should or must the holder allow him so to accept?

A. The holder of a bill must not allow the acceptor to qualify or make conditional his acceptance in any way, and if the drawee does so accept, the makers and indorsers will be released if the bill is not protested.

323. What is the order of liability among themselves to an accepted bill of exchange?

A. Acceptor, Drawer, First Indorser, Second Indorser, etc. 324. If a bill has been protested for non-acceptance, must it be protested for non-payment?

A.

Protest for non-acceptance is sufficient.

325. If after acceptance of a bill of exchange by the drawee, he should ascertain that the drawer's signature was forged, would the drawee be obliged to pay?

A. The drawee has no recourse against an innocent party, because he is bound to know the drawer's signature.

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Bank, obliged to treat a bill as check, 165.
-pays check after death of drawer, 178.
-can make partial payment on check, 188.
-obligation to certify or accept check, 189.
-obligation to pay its acceptance on forged
draft, 255.

See also Corporations.

Bill, addressed to some person, 19.

-sufficiently signed, 22.

-unaddressed, 29.

-undated, 54.

liability of drawer, 90.
-treated as check, 165.

-acceptance applied to, 289.

-how to refuse to accept, 294.
-destroyed or retained, 308.
dishonored, 311.

Bill of exchange, 9. 14, 16, 164.
-foreign, 10; dishonored, 314.
-inland, 11.

-treated as promissory note, 17.

-addressed to several drawees, 18
-drawn in set. 116-120.

-liability of all parties to, how retained,

167.

B-Continued.

See also Draft, Instruments, Negotiable
Instruments, Notes, etc.

Blanks, in negotiable papers, 44.
-for place of payment, 78.

Bonds, railroad and municipal, 79.
Broker, liability of, as indorser, 228.

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Cashier, liability for fraudulent indorsement,

238.

power of, 299.

Certificate, of deposit, 73.

-receiver's, 76.

Certification, verbal or telegraphic, 195.

Check, 21.

-non-negotiable, 74, 75.
-certified, 173.

-fraudulently raised, 174.
-altered, 175.

forged, 176, 177.

-paid after drawer's death, 178.

-drawn without funds in bank, 180.

-directions for making, 181.

-drawn in full of account, 182.

-dated ahead, 184.

-payable on demand, 185.

-payable to cash or order, 186.
-act of drawing, 187.

-forged, who stands loss, 196.

Collateral, release of, 265.

Consideration, necessary, 48, 49, 142, 143.
Corporations, officers of. 111, 232.

-liabilities of, 112, 114.

-rights of, to make and indorse, 113.

-when bound by promissory notes, 115.

-power to make or indorse for accommo-

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Date, lacking, 54, 55.
Debtor's, joint, 127.
Defect in title, 41, 42.

Demand, when to be made, 157, 158.
See also Presentment.

Depositor, making note. 165.

Dishonor of note, 129-139.
Draft, 9.

-theory of, 20.

-validity of, 21.

-as contracts, 23.

-cancelled or paid, to be kept, 172.
-made to cashier, 230.

Drawee, more than one, 18, 19.
-obligation of, 319-322.

B Figures refer to number of Question "&a

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Indorsement, forged, 177.

for accommodation, 202, 203.

-nature of, 211; purpose, 213; kinds, 214;
blank. 215; full, 216: conditional, 217;
restrictive, 218; without recourse, 219.
-of entire instrument. 220.
-transfer without, 224, 248.
-stricken out, effect of, 226.

-of instrument payable to bearer, 229.
-to a cashier, 230.

by corporate officers, 232.

-by corporation agent, 233.
-fraudulent, 238.

-absence of, upon bonds, 239.

-how made by agent, 240.

-by infant, 241.

-by married woman, 242.

-by executor, 243.

by member of partnership, 244.

when to be made, 246.

-promise of, 249.

I-Continued.

-release of, 263, 266.

Infant, indorsement by, 241.
Initials of name, when binding, 154.
Ink, indelible, 181.

Insane, liability of, as indorser, 208.
Installments, 156.

Instruments, payable to order, 36.
payable to bearer, 37.
-payable on demand, 38.
-ante-dated or post-dated, 60.
-pace not specified, 61.
-non-negotiable, 86.
-payable at bank, 128.
dishonored, 129.

-in favor of fictitious person, 160.
-drawn or indorsed to cashier, 230.
See also Negotiable Instruments.
Interest, 62, 63, 142.
---unpaid, 77.

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-payable to bearer, 68.

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