The Montgomery advertiser., 1907-08-29

3. Where the drawer is a person to whom the Instrument Is presented for payment. 4. Where the drawer has no right to expect or require that the drawee or acceptor will honor the in- strument. 5. Where the drawer has countermanded payment.
 Sec. 115. Notice of dishopor is not required to be given to an indorser in either of the following cases 1. Where the drawee is a fictitious per- son or a person not having capacity to contract and the indorser was not aware of the facts at the time he en- dorsed the instrument 2. Where the indorser is the person to whom the instrument is presented for payment. 8. Where the instrument was made or accepted for his accommodation.
 Sec. 116. Where due notice Of dishonor by nonacceptance has been given, notice of a subsequent dishonor by non-payment is not necessary un- less in the mean time the instrument has been accepted
 Sec IF. An omission to give notice of dishonor by non-acceptance does not prejudice the right of holder in due course subsequent to the om- ission.
 Sec. 11s. Where any negotiable in- strument has been dishonored 1t may be protested for non-acceptance or non payment as the case may be; but pro- test is not required, except in the case of foreign bills of exchange.
 Sec. 119. A negotiable instrument IS discharged. i. By payment in due course by or on behalf of the principal debtor. 2. By payment in due course by the party accommodated, where the instrument is made or accepted for accommodation. 3. By the intentional cancellation thereof by the holder. 4. By any other act which will discharge a simple contract for the payment or money. 5. When the principle debtor becomes the holder of the instrument at or after maturity in his own right.
 Sec. l20. person secondarily liable on the instrument is discharged: l. By an act which discharges the in- strument. ?. By intentional canceuas- tion of his signfs ure by the holder 8. By the discharge of a prior party 4. By a valid tender of payment made by prior party 5. By release of the principal debtor. unless the holders right of recourse against the party secondarily liable Is expressly reserved. 6. By any agree ment, binding upon the holder to ex- tend the time of payment, or to post pone the holders right to enforse the instrument, unless made with the as- sent of the party secondarily liable. or unless the right or recourse against such party is expressly reserved.
 Sec. 121. Where the instrument Is paid by a party secondarily liable thereon, 1t is not discharged. but the party so paying it Is remitted to his former rights as regards all prior par ties, and he may strike his own and all subsequent inducements. and again negotiate the instrument, except: l. Where 1t is payable to the order of g third person, and has been paid by the drawer; and 2. Where 1t was made or accepted for accommodation, it has been paid by the party accommodated.
 Sec 122 The holder may express ly renounce his rights against any par ty to the instrument before. at, or after its maturity. An absolute and uncon- ditional renunciation of his rights against the principal debtor made at or after the maturity. of the instrument discharges the instrument But renunciation does not effect the rights of holder in due course without mo- tice. renunciation must be in writ ing, unless the instrument is delivered. up to the person primarily liable there- on.
 Sec. 123. A cancellation made unin- tentionally, or under a mistake, or without the authority of the holder, Is inoperative; but where an instrument or any signature thereon appears to have been cancelled, the burden of proof lies on the party who alleges that the cancellation was made unfnten- tionally, or under a mistake or with out authority.
 Sec. i24. Where a negotiable instru- ment is materially altered without the assent of all parties liable thereon, 1t is avoided, except as against party who has himself made. authorized or assented to the alteration and subse- quent indorsers. But where an instru- ment has been materially altered and is in the hands of holder in due course, not a party to the alteration, he may enforce payment thereof according to its original tenor.
 Sec. 125. Any alteration which changes: 1. The date, 2. The sum pay able, either for principal, or interest, 3. The time or place of payment. A. 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 ef- feet of the instrument in any respect is g. material alteration.
 Sec. 126. A bill of exchange is an un- conditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom 1t Is addressed to pay on de- mand, or at fixed or determinable time, a sum certain in money to order or to bearer.
 Sec. 127. A bill of itself does not operate 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 accepts the same. N.
 Sec. 12s. A bill may be addressed to two or more drawers jointly, whether they are partners or not; but not to two or more drawees in the alterna- tive or in succession.
 Sec. 129. An inland bill of exchange is a bill which is, or on it's face pur- ports to be, both drawn and payable within this State; any other bill is foreign bill. Unless the contrary ap- pear on the face of the bill the holder may treat it as an inland bill.
 Sec. 1S0 Where in bill drawer and drawee are the same person or where inc drawee is a fictitious person not having capacity to contract the holder may treat the instrument at his option, either as a bill of exchange or a prom issOry note.
 Sec. 131. The drawer of bill and any indorser may insert thereon the name of a person to whom the holder may resort in case of need, that is to say, in case the bill is dishonored by non acceptance or non-payment. Such person is called the referee in case of need. It is in the option of the holder to resort to the referee in case of need or not, as he may see fit. s
 Sec. 132. The acceptance of bill is the signifcation by the drawee of his assent to the order of the drawer. The