The Birmingham age-herald., 1907-08-29

1 time.
 Sec b. Where an incomplete instru-
 ment has not been delivered it will not.
 II completed and negotiated without aa-
 thority be a valid contract in the hands
 ot any holder, as against any person
 whose signature was placed themeon be-
 for delivery.
 Sec. 1G. Every contract on a negotiable
 instrument is incomplete and revokable
 until delivery of the instrument for the
 purpose of giving effect thereto. As be-
 tween immediate parties and as regards
 a remote party other than a holder in
 due course, the delivery, in order to be
 effeetual, must be made either by or un- 1 der the authority of the party making 1 drawing, accepting or indorsing, as the | case may be. and in such case the de- ! livery may be shown to have been con-
 ditional or for special purpose only. and
 not for the purpose of transferring the property in the instrument But where
 the instrument is in the hands of a hold
 CT in due course, a valid delivery there 1 of by all parties prior to him so as to
 make them liable to him, Is conclusively l presumed. And where the instrument is
 no longer in the possession of a party
 whose signature appears thereon, a valid | and intentional delivery by him is pie , sumed until the contrary is proved
 See. r. Where the language of the in- strument Is ambiguous. or there a re omissions therein, the following rules of
 construction apply: l. Where the sum payable is expressed in words and also
 in figures and there is discrepancy be- 1 tween the two. the sum denoted in figures i is the sum payable but If the words arc 1 ambiguous or uncertain, references may | be had to the figures to fit the amount
 ?. Where the instrument provides for the ! payment of interest, without specifying 1 the date from which interest is to run, i the interest runs from the date of the
 dated from the issue thereof. 3. Where the instrument Is not dated, 1t will be ] considered to be dated as of the time it was issued. 4. Where there IS conflict between the written and print ed provisions of the instrument, the written provisions prevail g. Where the instrument Is so ambiguous that there is doubt whether it Is a bill or a note, the holder may treat it as either at his election. G. Where signature
 is so placed upon the instrument that it is not clear in what capacity the person making the same intended to sign, he Is 10 be deemed an indorseT. :. Where an instrument containing the words "I promise to pay" is signed by two or more persons, they are deemed to be jointly and severally liable there- on.
 Sec. IS. No person is liable on the instrument whose signature does not appear thereon, except as herein oth- erwise expressly provided. But one who signs in a trade or assumed name will be liable to the same extent as If he had signed in his own name.
 Sec. 19 The signature of any party may be made by a duly authorized agent. No particular form of appointment is neces- sary for this purpose, and the authority of the agent may be established as n other cases of agency.
 Sec. 20. Where the instrument contains, or a person adds to his signature words indicating that he signs for or on behalf of the principal, or in a representative capacity. he Is not liable on the instru- ment if he was duly authorized; but the mere addition of words describing him as agent, or as filling representative character without disclosing his principal does not exempt him from personal lia- | bility.
 Sec 2l. A signature by ''procuration'
 operates as notice that the agent has but | limited authority to sign, and the prin- | cipal Is bound only in case the agent Tn
 so signing acted within the actual limits , of his authority.
 ] Sec % The indorsement or assignment 1 of the instrument by corporation or by
 an infant passes the property therein.
 notwithstanding that from want of ca 1 pacity the corporation or infant may incur no liability thereon.
 Sec. 23. Where a signature is forged or
 made without the authority of the person
 whose signature 1t purports to be, it Is
 wholly imperative, and no right to re- tain the instrument, or to give dis- charge therefor, or to enforce payment thereof against any party thereto, can be acquired through or under such sigma ture, unless the party against whom 1t is sought to enforce such right is pre- cluded from setting up the forgery or want of authority.
 Sec. 24. Every negotiable instrument Is deemed prima face to have been issued for valuable consideration, and every person whose signature appears thereon ! to have become party therto for value. Sec 25 Value is any consideration suf- ficient to support a simple contract An | antecedent or pre-existing debt consti- tutes value, and is deemed such, whether the instrument Is payable on demand or at future time
 Sec 26 Where value has at any time
 been given for the instrument, the holder
 is deemed a holder for value in respect to all parties who became such prior to that time.
 Sec 27 Where the holder has lien on | the instrument, arising either from con tract or by implication of law, he is | deemed holder for value to the extent of his lien.
 Sec 2S. Absence or failure of consider l ation Is a matter of defense as against any person not holder in due course. and partial failure of consideration is a defense protanto, whether the failure is an ascertained and liquidated amount or otherwise.
 Sec 29 An accommodation party is one