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

| tieie oI prlof parties, and free from de
 lenses available to prior parties among
 themselves and may enforce payment of 1 the instrument for the full amount there
 Of against all parties liable thereon.
 Sec. 0S. In the hands of any holder other than a holder in due course a ne l gotiable instrument is subject to the | same defenses as if it were non-negotia- | ble. But holder who derives his title 1 through holder in due course and who
 Is not himself a party to any fraud or illegality affecting the instrument. has all
 the rights of such latter.
 Sec. 59. Every holder is deemed prlma 1 faeie to be holder In due course; but | when it is shown that the title of any
 person who has negotiated the instrument
 was defective, the burden Is on the holder
 To prove that he or some person under
 whom he claims acquired the title as a | holder in due course. But the last men, 1 toned rule does not apply in favor of q
 party who became bound on the instru-
 ment prior to the acquisition of such de- 1 fecti-e title
 Sec. 60. The maker of a negotiable instrument by making it engages that
 he will pay 1t according to its tenor, and
 admits the existence of the payee and
 his then capacity to indorse
 Sec. 6l. The drawer by drawing this
 instrument, admits the existence of the ! 1 and engages that on due presentment the 1 instrument will be accepted or paid, or | both. according to it's tenor. and that If it 1 be dishonored, and the necessary proceed l lngs on dishonor be duly taken he will pay
 the amount thereof to the holder, or to | any subsequent indorser who my be com-
 pelled to pay it. But the drawer may ] insert in the instrument an expressed 1 stipulation negativing or limiting his own l liability to the holder.
 Sec. 62. The acceptor by accepting the l instrument, engages that he will pay it according to the tenor of his acceptance, l and admits: 1. The existence of the l drawer, the genulneness of his signature.
 and capacity and authority to draw the | instrument; 2 The existence of the payee
 and his then capacity to indorse.
 Sec. 63. A person placing his signature l upon an instrument otherwise than as 1 maker, drawer or acceptor, is deemed to 1 be an indorser, unless he clearly indl- cates by appropriate words his intentions
 to be bound in some other capacity.
 Sec. GA. Where person, not otherwise l a party to an instrument places thereon l his signature in blank before delivery. l he Is liable as indorser In accordance with l the following rules: 1. If the instrument
 Is payable to the order of third person, l he Is liable to the payee and to all sub-
 sequent parties. 9 If the instrument is l payable to the order of the maker or 1 drawer. or is payable to bearer, he is 1 liable to all parties subsequent to the
 maker or drawer. 3. If he signs for the
 accommodation of the payer, he is liable to l all parties subsequent to the payee. l Sec. 65. Every person negotia ting an 1 instrument by delivery or by qualified 1 indorsement warrants: 1. That the ir- l strument is genuine In all respects wh t
 it purports to be. 2. That he has a good .I a-tfl ,nd l capacity to contract. 4. That he has no
 knowledge of any fact which would i'm l pair the validity of the instrument or
 render it valueless But when the nego- 1 tation is by delivery only, the warranty | extends in favor of no holder other than the immediate transferee The provisions of subdivision three of this section do not apply to persons negotiating public
 or corporate securities, other than bills and notes.
 Sec 66 Every indorser who indorses
 without qualification, warrants to all sub sequent holders in due course. l. The
 matters and things mentioned In sub-dl- visions one, two and three of the next proceeding section; and 2. That the in- strument Is at the time of his indorse-
 ment valid and subsisting And, in ad-
 diton, he engages, that on due present. ment, it shall be accepted or paid, or l both as the case may be, according to It's l tenor, and that If 1t be dishonored and 1 the necessary proceedings on dishonor be duly taken. he will pay the amount thereof, to the holder or to any suhse- l quent indorser who may be compelled to pay 1t.
 Sec G. Where a person places his in- ! dorsement on an instrument negotiable by delivery. he incurs all the liabilities of an indorser.
 l Sec 6S. As respects one another, in- | dorsers are liable prima facie In the or der in which they indorse; but evidence Is admissible to show that as between l or among themselves they have agreed | otherwise. Joint payees or joint indorsees 1 who indorse are deemed to indorse joint | ly and severally.
 | Sec. 69 Where a broker or other agent l negotiates an instrument without indorse-
 ment he incure all the liabilities prescrio- ] cd in Section 65 of this Act, unless he | discloses the name of his principal, and 1 the fact that he is acting only as agent. Sec. 70. Presentment for payment is
 not necessary In order to charge the person primarily on the instrument, but 1 if the instrument is. by it's terms, pay
 able at special place, and he is able
 and willing to pay 1t there at maturity, such ability and willingness are equiva-
 lent to a tender of payment upon his
 part. But except as herein otherwise provided presentment for payment Is necessary in order to charge the draw
 CT and indorsers.
 1 Sec. II. Where the instrument Is not
 payable on demand, presentment must
 be made on the day it falls due. Where l It Is payable on demand. presentment
 must be made within a reasonable time
 after its issue, except that in the case
 of bill of exchange, presentment for
 payment will be sufficient If made with 1 in reasonable time after the last ne- | gotiation thereof.
 Sec. 72. Presentment for payment to
 sufficient, must be made: 1. By the l holder, or by some person authorized to
 receive payment on his behalf. 2.
 At reasonable hour on business day. | 4. To the person primarily liable on
 the instrument, or if he is absent or | inaccessible, to any person found at the place where the presentment Is made. Sec. 73. Presentment for payment Is
 made at the proper place. 1. where a place of payment is specified in the instrument and it Is there presented. 2. | Where no place of payment Is specified and the address of the person to make payment is given in the instrument and l Is there presented. 3. Where no place of payment Is specified and no address is | given and the instrument is presented | at the usual place of business or resi- dence of the person to make payment. l 4. In any other case, If presented to the person to make payment whenever he can be found, or if presented at his last known place of business or resi- dence.