Volume 372, Page 273 View pdf image (33K) |
ART. 13] FORM AND INTERPRETATION. 273 CHAPTER II—Negotiable Instruments in General—Form and Interpretation. 1904, art. 13, sec. 20. 1898, ch. 119.
20. An instrument to be negotiable most conform to the following 1. It must be in writing and signed by the maker or drawer;
2. Must contain an unconditional promise or order to pay a sum
3. Must be payable on demand, or at a fixed or detenninable future 4. Must be payable to order or to bearer; and
5. Where the instrument is addressed to a drawee, he must be named Ibid. sec. 21. 1898, ch. 119.
21. The sum payable is a sum certain within the meaning of this 1. With interest; or 2. By stated instalments; or
3. By stated instalments, with a provision, that upon default in 4. With exchange, whether at a fixed rate or at the current rate; or
5. With costs of collection or an attorney's fee, in case payment shall Ibid. art. 13. sec. 22 1898, ch. 119
22. An unqualified order'or promise to pay is unconditional within
1. An indication of a particular fund out of which reimbursement
2. A statement of the transaction which gives rise to the instrument. Ibid, art 13. sec. 23. 1898. ch 119.
23. An instrument is payable at a detenninable future time, within 1. At a fixed period after date or sight; or
2. On or before a fixed or determinable future time specified therein;
3. On or at a fixed period after the occurrence of a specified event,
An instrument payable upon a contingency is not negotiable, and the |
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Volume 372, Page 273 View pdf image (33K) |
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