The Montgomery advertiser., 1907-08-29

No. i22.) AN ACT, LII. b. Sz4. To define and regulate negotiable in
 struments
 section i. Be it enacted by the Leg iSIature of Alabama, That an instru- faent to be negotiable must conform to fhe following requirements: l. It must be in writing and signed by the maker cr drawer 2. Must contain an uncon- aitional promise or order to pay sum certain in money. 8. Must be payable on demand, or at a fixed or determin- able future time. 4. Must be payable to order or to bearer; and, 5. Where the instrument is addressed to Firawee. he must be named or otherwise indicated therein within reasonable certainty.
 Sec 9 The sum payable is sum certain within the meaning of this Act; although it is to be paid. |. With in- ferest; or, 2. By stated installments; or. 8. By stated installments, with a nrovfsion that upon default in payment of any installment, or of interest, the whole shall become due; or. 4. With exchange, whether at fixed rate or at the current rate; or, ,. With costs or collection, or. an attorneys fee, in case of payment shall not be made at ma turity.
 Sec 5. An unqualified order or promise to pay is unconditional within the meaning of this act though coupled with: f. An indication of particular fund out of which reimbursement is to be made, or particular account to be debited with the amount; or, 7. state ment of the transaction which gives rise to the instrument But an order or promise to pay out of a particular fund is not unconditional.
 Sec. 4. An instrument is payable at n deferminable future time, within the meaning of this act, which is expressed to be payable: 1. At fixed period af- fer date or sight; or, 2. On or before a fixed or determinable future time spec filed therein or, 3. On or at a fixed pe- rfod after the occurrence of a specified event which is certain to happen, though the time of happening be un-- certain An instrument payable upon a contingency is not negotiable, and the happening of the event does nor cure the defect
 Sec. 5. An instrument which contains an order or promise to do an act fin ad- {iftion to the nayment of money is not negotiable But the negotiable charac- ter of an instrument otherwise negotia- fie is not affected by provision which: 1. Authorizes the sale of col raent be not paid U maturity; or, 2. Authorizes & confession of judgment If the instrument be not paid at maturity; or. g. Valves the benefit of any law i'm tended for the advantage or protection of the obligor; or, 4. Gives the holder an election to require something to be done in lieu of payment of money. But nothing in this section shall validate any provision or stipulation otherwise illegal
 Sec. 6. The validity and negotiable character of an instrument are not af- fected by the fact that: 1. It Is not dated; or, 2. Does not specify the value given. or that any value has been given therefor: or. 3. Does not specify the pi&ce where it Is drawn or the place where it Is payable; or, 4. Bears seal; or. g Designates a particular kind of Sf1rrent money in which payment is to De made But nothing in this section ehall alter or repeal any statute re- 0uirfng in certain cases the nature of the consideration to bs stated in the instrunnent.
 Sec. !. An instrument is payable on demand: 1. Where it Is expressed to be payable on demand or at sight, or on presentation; or, 2. Tn which no time ; for payment Is expressed. 3. Where an 1nstrument is issued. accepted or in- dorsed when overdue, it. is, as regards the person so issuing, accepting or in- dorsing 1t, payable on demand.
 sec g. The instrument Is payable to ,rier where if is drawn payable to the order of a specified person or to him or his order. It may be drawn pay 2 able to the order of: l. A payee who is not maker, drawer or drawee; or, z' The drawer or maker; or, 5. The ssrawee; or, A. Two or more payees foinfly: or. 5. One or some of several payees; or, 6. The holder of an once for the time being Where the instru- uent is payable to order, the payee must be named or otherwise indicated therein with reasonable certainty.
 A Sbe in naVqDla bearer; l. When it Is expressed to be so payable; or, 2. When 1t is payable fn a person named therein or bearer; or. S. When 1t is payable to the order of a fictitious or on-existing person. and such fact was known to the person making it so payable; or, 4. when the name of the payee does not purport 10 be the name of any person; or, D. when inc only or last indorsement is an in- dorsament in blank.
 Sec. 10. The negotiable instrument need not follow the language of this art. but any terms are sufficient which clearly indicate an intention to con form to the requirements thereon.
 sec. II. When the instrument or an acceptance or an indorsement thereon 4s dated, such date Is deemed priIna Racie to be the true date of the max ang. drawing. acceptance or indorse- ment, as the case may be.
 Sec. IA. Ine instrument is hON -t valid for the reason only that 1t IS ante-dated or post-dated, provided this ss not done for an illegal or fraudu- lent purpose. The person to whom an Instrument so dated is delivered ac- ouires a title thereto as of the date Of delivery.
 Sec. 1s. When an instrument ex- nressed to be payable at a fixed period after date is issued undated, or where the acceptance of an instrument pay abIe at a fixed period after sight IS un- dated. any holder may insert therein fbe true date of issue or acceptance and the instrument shall be payable sccordingly The insertion of wrong iate does not avoid the instrument in 4be hands of a subsequent holder Tn 6,e course; but as to him the date so Inserted Is to be regarded as the true date. ,a. |.
 Sec. 14. Where the instrument IS wanting in any material particular the T,erson in possession thereof has nriua facie authority to complete IL py 1iiiin9 up the blanks therein. Ana rignature on a blank paper delivered kv the person making the signature Tn ,,,4er that the paper may be converted sr+o a negotiable instrument operates ssa prima facie authority to fill 1t up & sucb for any amount. In order, however. that any such instrument -rben completed may be enforced sasjnst any person who became narty thereto prior to Its completion II -Vat1v n n