Download - Notice of Dishonor Part II

7/26/2019 Notice of Dishonor Part II

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Notice of Dishonor partII

Kristian Weller Licup


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1. Time and Place


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1.1. Sec. 102, NIL

Notice may be given as soon as theinstrument is dishonored and within

the time fxed by NILunless delay is excused


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1.2. Sec. 107, NIL

NOTIC to !"#!$"NT %&'T() achparty who receives a notice is given

the same period o* time within whichto noti*y prior indorsers that the lastholder had+


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1.3. TIM !I"D #$ T% NIL&

a+ Where parties reside in same place ,!ec+-./0 NIL1) 2ust be given w3in the 4+ times)

-+ I* given at the place o* business o* the personto receive notice 5 be*ore the close o* businesshours on the day *ollowing+

6+ I* given at his residence 5 be*ore the usualhours o* rest on the day *ollowing+

/+ I* sent by mail 5 deposited in the post o7ce intime to reach him in usual course on the day*ollowing+


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M'NIN( )! *T% S'MPL'+

'e*ers to the corporate limits o* atown or city where the presentment

is made or where the holder resides


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b+ Where parties reside in di4erent places ,!ec+

-.80 NIL1)

-+ I* sent by mail 5 deposited in the post o7ce in

time to go by mail the day *ollowing the day o*dishonor0

6+ I* there be no mail at a convenient hour on lastday 5 by the next mail therea*ter

/+ I* given otherwise than through the post o7ce5 within the time that notice would have been

received in due course o* mail0 i* it had beendeposited in the post o7ce within the timespecifed above


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+on-enient hor

depends on the usual hours o*opening o* business houses and the

post5o7ce


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c+ 9elay ,!ec+ --/0 NIL1

-+ xcused) when the delay is caused bycircumstances beyond the control o* theholder and not imputable to his de*ault0misconduct0 or negligence

6+ #ut0 when the cause o* delay ceases tooperate0 notice must be given withreasonable diligence+


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1./ Sender deemed to ha-ei-en de notice Sec. 10, NIL

Where notice o* dishonor is dulyaddressed and deposited in the post

o7cenotwithstanding any miscarriage in

the mails

:deposit in post o7ce; < whendeposited in any branch post o7ce or inany letter box under the control o* the

post5o7ce department+ ,!ec+ -.=0 NIL1


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1.. Place 4here notice mst5e sent Sec. 106, NIL

a+ to the address0 i* any0 added by theparty to his signature>

i* address not given)-+ to the post5o7ce nearest to his place o*residence or where he is accustomed toreceive his letters> or

6+ I* he lives in one place and has his placeo* business in another0 to either place> or

/+ I* he is so?ourning in another place0 to theplace where he is so so?ourning+


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b+ Notice sent to place not in accordwith NIL0 still !"@@ICINT

Where the notice is actually received bythe party within the time specifed in this&ct

M'$ N)TI+ )! DIS%)N) #


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M'$ N)TI+ )! DIS%)N) #(I8N #!) T% D'T )!M'T9IT$:

No0 such notice would be insu7cientThe instrument cannot be said to be

dishonored by non5payment unless it isoverdue and unpaid

Notice o* dishonor can be given onlya*ter the instrument has been actually

dishonored0 and notice given be*ore thepaper due is premature and insu7cient0regardless o* the indorserBs nowledgethat the maer was in de*ault


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P9P)S )! P)MPTN)TI+

To give the persons secondarilyliable every opportunity to secure

themselves such as to enable theparty to be charged to preserve andprotect his rights against priorparties


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2. #;


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2.1. Sec. =0, NIL

#y or on behal* o* the holder> orany party to the instrument who may

be compelled to pay it to the holder0and who0 upon taing it up0 wouldhave a right to reimbursement *romthe party to whom the notice isgiven


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2.2 'ent

Notice o* dishonor may be given by an agenteither in his own name or in the name o* anyparty entitled to give notice0 whether that

party be his principal or not ,!ec+ D-0 NIL1Where instrument has been dishonored in

hands o* agent0 he may either himsel* givenotice to the parties liable thereon0 or he

may give notice to his principal ,within thesame time as i* agent were holder1 ,!ec+ D80NIL1


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3. To 4hom notice M'$

5e i-en


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3.1. IN (N'L Sec.=7

-+ %arty himsel*6+ his agent in that behal*

&n accommodation indorser is entitled tonotice

&n irregular indorser must also be given

notice i* he is to be charged I* notice is given to an agent0 he

must be duly authoriEed to receive thenotice o* dishonor


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3.2. If i-en 5; an aentSec. =/, NIL

To his principal0 in case o* an instrumentdishonored in the hands o* an agent0 or

To the parties liable thereon ex) collecting ban

I* the agent decides to give notice to the

principal0 he must give notice within the timeallowed by law as i* he were a holder

The principal has also the same time togive notice to the persons secondarily liable

3 3 If part; is dead and death


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3.3. If part; is dead and death>no4n to the part; i-innotice Sec. =6, NIL

2"!T be given to a personalrepresentative0 i* there be one0 and i*

with reasonable diligence0 he can be*ound> I* no personal representative F 2&(

be sent to the last residence or lastplace o* business o* the deceased+


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3./. To partners Sec.==, NIL

Notice to any one partner is notice tothe frm

even though there has been adissolution+


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3.. To ?oint partiesSec. 100,NIL

Goint persons who are not partnersNotice is given to each o* the party

unless one o* them has authority toreceive such notice *or the others+


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3.@. to 5an>rpt Sec.101, NIL

Where a party has been ad?udged abanrupt or an insolvent0 or has

made an assignment *or the benefto* creditors) to the party himsel* or

to his trustee or assignee


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nd

Download - Notice of Dishonor Part II

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