The Birmingham age-herald., 1907-08-29
may be express or implied.

upon all parties. but where it is written
 above the signature of an indorser, It
 binds his only.
 Sec. Ill. A waiver of protest, whether
 In the case of a foreign bill of exchange l or other negotiable instrument, 1t is
 deemed to be a waiver not only of a for
 maj protest but also a presentment and
 notice of dishonor
 Sec. 112. Notice of dishonor is dis pensed with, when after the exercise of 1 reasonable diligence, it cannot be given 1 to or does not reach the parties sought
 to be changed.
 Sec. 113. Delay in giving notice of dis 1 honor Is excused when the delay is I caused by circumstances beyond the con
 trol of the hoiuer and not imputable to his default, misconduct or negligence. l When the causes of delay cease to oper-
 ate, notice must be given with reasonable 1 diligence.
 Sec IA. Notice of dshonor Is not re- l qulred to be given to the drawer in l either of the tVnowing cases: l. Where
 the drawer and the drawee are the same 1 persons. 2 Where the drawee is a ficti- 1 tious person. or a person not having 1 capacity to contract. 3. Where the draw
 CT is a person to whom the instrument is 1 presented for payment 4. Where the 1 drawer has no right to expect or require 1 that the drawee or acceptor will honor
 the instrument. 5. Where the drawer has i countermanded payment.
 l Sec 115. Notice of dishonor is not re- l quired to be given to an indorser in oi- l ther of the following cases: l. Where 1 the drawee is fictitious person or q l person not having capacity to contract 1 and the fndorser was not aware of the | facts at the time he indorsed the instru- I ment. 2 Where the indorser Is the per
 son to whom the instrument is presented
 for payment. 3. Where the instrument
 was made or accepted for his aceommo- 1 dation
 Sec. 116. Where due notice of dishonor l by non-acceptance has been given, notice of a subsequent dishonor by non-pay-
 ment is not necessary unless in the meantime the instrument has been ac- cepted.
 Sec. IT. An omission to give notice of dishonor by non-acceptance does not prejudice the right of a holder in due | course subsequent to the omission. Sec. 118. Where any negotiable instru-
 ment has been dishonored 1t may be pro-
 tested for non-acceptance or non-pay-
 ment as the case may be. but protest is not required, except in the case of for eign bills of exchange.
 Sec. 119. A negotiable instrument is dis
 charged. 1. By payment in due course | by or on behalf of the principal debtor 1 ?. By payment In due course by the party accommodated, where the instrument is
 made or accepted for accommodation. 2. l By the intentional cancellation thereof 1 by the holder 4. By any other act which will discharge simple contract for the 1 payment of money. D. When the prln- 1 cipal debtor becomes the holder of the instrument at or after maturity in his own right
 Sec. 120. A person secondarily liable on the instrument is discharged: 1. By an act which discharges the instrument. ?. By intentional cancellation of his sig nature by the holder. g. By the dis charge of a prior party 4. By a valid tender of payment made by prior party
 Q. By a release of the principal debtor,
 unless the holders right of recourse against the party secondarily liable is ex- ! pressly reserved G. By any agreement ! binding upon the holder to extend the time of payment, or to postpone the holders right to enforce the instrument, unless made with the assent of the party secondarily liable, or unless the right or
 recourse against such party Is expressly reerved.
 Sec. l21. Where the instrument is paid by a party secondarily liable thereon, it is not discharged but the party so paying
 1t Is remitted to his former rights as ie-
 Gards all prior parties, and he may strike his own and all subsequent inducements,
 and again negotiate the instrument. eX-
 cept: l. Where 1t is payable to the or der of third person. and has been paid by lile draWeTs ana /. Wner IL was made or accepted for accommodation, it has
 been paid by the party accommodated.
 Sec. 122. The holder may expressly re-
 nounce his rights against any party to the
 instrument before, at, or after its ma turity. An absolute and unconditional re- nunciation of his rights againt the prin-
 clpal debtor made at or after the matur- ity of the instrument discharges the in strument. But a renunciaton does not effect the rights of a holder in due course without notice. A renunciation must be in writing, unless the instrument Is de- livered, up to the person primarily liable
 thereon.
 Sec. 123. A cancellation made uninten- tlonally, or under a mistake, or without the authority of the holder. is inopera-
 tive, but where an instrument or any sig
 nature thereon appears lo have been can- celled, the burden of proof lies on the
 party who alleges that the cancellation was made unintentionally, or under mis- take, without authority.
 Sec. PA. Where a negotiable instrument
 is materially altered without the assent of all parties liable thereon, it is avoided, except as against party who has him self made, authorized or assented to the
 alteration ard subsequent indorsers. But where an instrument has been materially | altered and is in the hands of a holder
 In due course, not party to the alter
 ation, he may enforce payment thereof
 according to it's original tenor.
 Sec. 125 Any alteration which changes: l. The date, ?. The sum payable. either for principal or interest. 3. The time or place of payment. 1. The number or the
 relations of the parties. 5. The medium or currency in which payment is to be made Or which adds a place of payment
 where no place of payment Is specified,
 or any other change or addition which
 alters the effect of the instrument in any respect is a material alteration.
 Sec. 126. A bill of exchange is an un- conditional order in writing addressed by one person to another. signed by the per son giving it, requiring the person to whom it is addressed to pay on demand, or at fixed or determinable time, A sum certain in money to order or 10 bearer.
 Sec. 127. A bill of itself does not op- crate as an assignment of the funds In
 the hands of the drawee available for the
 payment thereof and the drawee Is not liable on the bill unless and until he ac- cepts the same.
 Sec. 1es A bill may be addressed 10
 two or more drawers jointly, whether they
 are partners or not: but not to two or
 more drawees in the alternative or In sue cesson.
 Sec. 12e An inland bill of exchange is
 A bill which is or on it's face purports
 to he both drawn and payable within
 this State: any other bill is foreign
 hill Unless the contrary appear on the
 face of the bill the holder may treat 1t