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

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