The Birmingham age-herald., 1907-08-29
GENERAL LAWS
Enacted By the Legislature of Alabama
No 722N AN ACT CH. B. 32t To define and regulate negotiable instru-

Section l. Be 1t enacted by the Iegls- lature of Alabama, That an instrument to be negotiable must conform to the follow ing requirements: 1. IL must be in writing and signed by the maker or drawer. ,. Must contain an unconditional promise or order to pay a sum certain in money. B. Must be payable on demand, or at a fixed or determinable future time. 1. Must be payable to order or to bearer; and 5. Where the instrument is addressed to a drawee, he must be named or other wise indicated therein within reasonable certainty.
 Sec g. The sum payable is sum cer- tain within the meaning of this Act; al- though 1t is to be paid. 1. With interest," or ?. By stated instalments; or. 3. By stated installments, with a provision that upon default in payment of any install ment or of interest, the whole shall be- come due; or. 1. With exchange, whether at a fixed rate or at the current ratei or 5. With costs of collection, or, an attor- ney's fee, in case of payment shall not be made at maturity
 Sec. 2. An unqualified order or promise to pay is unconditional within the mean ing of this act, though coupled with; l. An indication of particular fund out Of which reimbursement is to be made or a particular account to be debited with the amount; or, ?. statement of the transaction which gives rise to the ln- strument But an order or promise to pay out of a particular fund is not un- conditional.
 Sec. 4. An instrument is payable at q determinable future time, within the meaning of this act which is expressed to he pavable: 1. At fixed period after date or sight; or, 9 On or before q liked or determnable future time speeiiied therein; or, 3. On or at fixed period after the occurrence of a specified event which is certain to happen, though the time of happening be uncertain An lh- strument payable upon contingency Is not negotiable, and the happening ot the event does not cure the defect.
 Sec. ,. An instrument which contains an order or promise to do an act in ad- dition to the payment of money is not negotiable. But the negotiable character of an instrument otherwise negotiaoie IS not affected by a provision which: l. Au- thorzes the sale of collateral securities in case the instrument be not pald at maturity; or, ?. Authorizes confession of judgment if the instrument be not paid at maturity; or, g. Valves the oenent or any law intended for the advantage or nrotection of the obligor; or. 4 Gives the holoer an election to require something
 of paUmpnt of money, Rut nothing in this section shall validate any provision or stipulation otherwise H. legal.
 See 6. The validity and negotiable character of an instrument are not anect- cd by the fact that: 1. It IS not dateu' pr. J. Does not specify the value glVen' or that any value has been given there for. or. 3. Does not specify the place where if is drawn or the place where fl is payable or, i. Bears seal' or D. Designates a particular kind of current money in which payment is to De made' But nothing In this section shall aiter n, reneal any statute requiring in cer- tain eases the nature of the consideration to be stated in the instrument
 Sec T An instrument is payable on demand. | Where it Is expressed to be ,,a,.abla m demand or at sight, or on presentations; or, 2. In which no tune TOT ,,a,.oert Ia expressed. g. Where an in- rtrnment is issued, accepted or indorsed when overdue, it is, as regards the per son so issuing, accepting or indorsing It, payable on demand.
 Sec. 3. The instrument is payable to order where 1t is drawn payable to the order of specified person or to him or his order It may be drawn payable to the order of: 1. A payee who Is not maker. drawer or drawee; or, 2 The drawer or maker; or, 3. The drawee; or, h One or some of the several payees; or, e The holder of an office for the time heinz. Where the instrument is payable to order, the payee must be named or otherwise indicated therein with reason able certainty.
 Sec. 9. The instrument is payable 10 nearer; l. When 1t is expressed to De so payable; or, ?. When 1t Is payable to a person named therein or bearer; or, 3' When it Is payable to the order of hcti- tious or non-existing person, and such fact was known to the person making fl so payable; or, 4. When the name of inc payee does not purport to be the name of any person; or, D. When the only ar last indorsement is an indorse- ment in blank.
 Sec. 1o The negotiable instrument need not follow the language of this act but any terms are sufficient which clearly indicate an intention to conform to the requirements thereof.
 Sec. H. When the instrument or an acceptance or an indorsement thereon is dated. such date is demand prima facie to be the true date of the making, draw ing. acceptance or indorsement. as the case may be.
 Sec. F. The instrument is not invalid for the reason only that it is antecated or post-dated, provided this is not done for an illegal or fraudulent purpose. The person to whom an instrument so dated Is delivered acquires a title thereto as of the date of delivery.
 Sec. 13 When an instrument expressed to be payable at a fixed period after date is issued undated, where the accept period after sigh is undated, any holder may insert therein the true date of issue or acceptance, and the instrument shall be payable accordingly. The insertion of wrong date does not avoid the instru- ment in the hands of a subsequent holder