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Bills of Exchange
and Promissory Notes
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.
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