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Upon negotiable bills, and notes payable in this State, grace shall be allowed according to the law merchant. All the above mentioned paper falling due on Sunday, New Year’s Day, the Fourth of July, Christmas, or any day appointed or recommended by the President of the United States or the Governor of the State, as a day of fast or thanksgiving, shall be deemed as due on the day previous. No defense can be made against a negotiable instrument (assigned before due) in the hands of the assignee without notice, except fraud was used in obtaining the same. To hold an indorser, due diligence must be used by suit against the maker or his representative. Notes payable to person named or to order, in order to absolutely transfer title, must be indorsed by the payee. Notes payable to bearer may be transferred by delivery, and when so payable, every indorser thereon is held as a guarantor of payment, unless otherwise expressed.
In computing interest or discount on negotiable instruments, a month shall be considered a calendar month or twelfth of a year, and for less than a month, a day shall be figured a thirtieth part of a month. Notes only bear interest when so expressed; but after due, they draw the legal interest, even if not stated.
INTEREST.
The legal rate of interest is six per cent. Parties may agree, in writing, on a rate not exceeding ten per cent. If a rate of interest greater than ten per cent is contracted for, it works a forfeiture of ten per cent to the school fund, and only the principal sum can be recovered.
DESCENT.
The personal property of the deceased (except (1) that necessary for payment of debts and expenses of administration; (2) property set apart to widow, as exempt for execution; (3) allowance by court, if necessary, of twelve months’ support to widow, and to children under fifteen years of age), including life insurance, descends as does real estate.
One-third in value (absolutely) of all estates in real property, possessed by husband at any time during marriage, which have not been sold on execution or other judicial sale, and to which the wife has made no relinquishment of her right, shall be set apart as her property, in fee simple, if she survive him.
Pg 276
The same share shall be set apart to the surviving husband of a deceased wife.
The widow’s share cannot be affected by any will of her husband’s, unless she consents, in writing thereto, within six months after notice to her of provisions of the will.
The provisions of the statutes of descent apply alike to surviving husband or surviving wife.
Subject to the above, the remaining estate of which the decedent died seized, shall in absence of other arrangements by will, descend.
First. To his or her children and their descendants in equal parts; the descendants of the deceased child or grandchild taking the share of their deceased parents in equal shares among them.
Second. Where there is no child, nor descendant of such child, and no widow or surviving husband, then to the parents of the deceased in equal parts; the surviving parent, if either be dead, taking the whole; and if there is no parent living, then to the brothers and sisters of the intestate and their descendants.
Third. When there is a widow or surviving husband, and no child or children, or descendants of the same, then one-half of the estate shall descend to such widow or surviving husband, absolutely; and the other half of the estate shall descend as in other cases where there is no widow or surviving husband, or child or children, or descendants of the same.
Fourth. If there is no child, parent, brother or sister, or descendants of either of them, then to wife of intestate, or to her heirs, if dead, according to like rules.
Fifth. If any intestate leaves no child, parent, brother or sister, or descendants of any of them, and no widow or surviving husband, and no child, parent, brother or sister (or descendant of either of them) of such widow or surviving husband, it shall escheat to the State.
WILLS AND ESTATES OF DECEASED PERSONS.
No exact form of words are necessary in order to make a will good at law. Every male person of the age of twenty-one years, and every female of the age of eighteen years, of sound mind and memory, can make a valid will; it must be in writing; signed by the testator, or by some one in his or her presence, and by his or her express direction, and attested by two or more competent witnesses. Care should be taken that the witnesses are not interested in the will. Inventory to be made by executor or administrator within fifteen days from the date of letters testamentary or of administration. Executors’ and administrators’ compensation on amount of personal estate distributed, and for proceeds of sale of real estate, five per cent for the first one thousand dollars, two and one-half per cent on overplus up to five thousand dollars, and one per cent on overplus above five thousand dollars, with such additional allowance as shall be reasonable for extra services.
Within ten days after the receipt of letters of administration, the executor or administrator shall give such notice of appointment as the court or clerk shall direct.
Claims (other than preferred) must be filed within one year thereafter, are forever barred, unless the claim is pending in the District or Supreme Court, or unless peculiar circumstances entitle the claimant to equitable relief.
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Claims are classed and payable in the following order:
| 1. Expenses of administration. |
| 2. Expenses of last sickness and funeral. |
| 3. Allowance to widow and children, if made by the Court. |
| 4. Debts preferred under laws of the United States. |
| 5. Public rates and taxes. |
| 6. Claims filed within six months after the first publication of the notice given by the executors of their appointment. |
| 7. All other debts. |
| 8. Legacies. |
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Page created October 30, 2013 by Lynn McCleary
