Negotiable Instruments

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For that purpose it is everywhere over- due as soon as it is presented and dishonored on the day of maturity (Sections 71, 83, 102), and thirdly when it is overdue for the purpose of letting in equities. Everywhere but in Massachusetts, so far as it has been decided, the instrument is overdue for the purpose of letting in equities only on the day after that on which it falls due, that is, on the 3d of January. A purchaser on the 2d of January, unless he had notice that the instrument had been p...re- sented and dishonored, would be a holder in due course. One in Massachusetts who purchases on the 2d of January is not a holder in due course, un- less Section 52 of the Negotiable Instruments Law has changed the law previously existing in that State.
220. WHERE AN INSTALLMENT OR IN- TEREST IS UNPAID. — One may suppose some rather special cases in regard to overdue paper ; for instance, suppose an instrument payable in install- ments and one installment overdue and unpaid. Is that instrument, as a whole, dishonored?


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