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THE CUBA REVIEW 



Racing Fraternity Holds Dinner at Tropical Gardens: Members and friends 

 of the "Turfites," a local organization of the racing fraternity, held the first annual dinner 

 and outing at the Tropical Gardens recently. After a sumptuous dinner, dancing was in 

 order until a late hour. 



Shriners Visit Cuba: Crossing the '"Desert Sands," over two thousand Shriners 

 descended upon Havana after the Annual Pilgrimage at Miami, Fla., and report that 

 they would not have missed the trip for anything. From all accounts the Shriners were 

 very much elated in locating the oasis and found a hearty welcome from local members 

 of the fraternity awaiting them. 



Casino Opening Brilliant Affair: Opening night at the Casino de la Playa was 

 one of the most brilliant gatherings ever witnessed in Havana. Both Cuban and American 

 society were represented in large numbers. The decorations were beautiful and artistically 

 arranged and music was furnished by a specially engaged orchestra, which furnished 

 almost continuous music for dancing until an early hour in the morning. Sr. P. Fumagalli 

 of Vedado, well known in Havana business and social circles, is the new manager of the 

 Casino and his administration promises to be one of the most successful ever experienced. 



Some Peculiarities of the Negotiable 

 Instrument Law in Cuba 



The Negotiable Instrument Law in Cuba 

 is taken from the old Spanish code. In 

 fact, the law in force today refers to the 

 Island as a province of Spain. There are 

 several very important divergencies between 

 the law in Cuba and our own law in the 

 United States. For instance, a draft is 

 good only for the exact amount written 

 out in the face of the instrument. No 

 charges for collection, or exchange, or in- 

 terest after due date can be legally col- 

 lected. If an exporter draws his draft on 

 Cuba, with interest from the date of the 

 draft until the arrival of funds in New 

 York, he cannot legally collect the interest 

 between the maturity of the draft and 

 the arrival of funds in New York. Neither 

 can he collect cost of Cuban bill stamps 

 unless the debtor pays same of his own 

 accord. 



A sight instrument must be protested for 

 non-payment within forty days from the 

 date of its arrival in the Republic in order 

 to retain full legal recourse. A day's sight 

 instrument must be protested for non- 

 acceptance within forty days from its ar- 

 rival in the Repubhc. The acceptance of a 

 day's sight instrument fixes its maturity. 

 For example, a draft drawn on Cuba at 

 ninety days' sight may be accepted by the 

 drawee forty days from the date of its ar- 

 rival in the Republic, and then matures 



ninety days after that acceptance. For this 

 reason a day's date drawing is preferable 

 in the export trade. A day's date draft 

 may be accepted by the drawee any time 

 between its date and its maturity. Protest 

 for non-payment must be made by a notary 

 on or before "sunset'' of the first day after 

 maturity. If the first day after maturity 

 is a holiday it may be protested twenty- 

 four hours later. In so far as legal re- 

 sponsibility is concerned, there is no period 

 of limitation in Cuba. If an accepted 

 draft is not protested, full legal recourse 

 is lost, not only against the drawer and 

 the endorsers, but also against the drawee. 

 American merchants having unmatured 

 drafts in the possession of their banks 

 should be aware of the fact that an ac- 

 cepted draft carries very little weight unless 

 it has been protested. Checks must be 

 presented to the drawee bank in Cuba 

 within five days if the bank and the drawer 

 reside in the same city. Checks on outside 

 points are allowed eight days to clear. An 

 unendorsed note need not be protested upon 

 maturity, but if the note is endorsed it 

 should be protested in order to retain re- 

 course against the endorser. Whenever an 

 exporter is desirous of transferring an open 

 account to a note basis it is wise to take 

 a note signed Mancomunada y Solidari- 

 amente (jointly and singly by the firm and 

 the most responsible member of the firm). 

 Such a note has the highest standing before 

 Cuban courts. 



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