The Montgomery advertiser., 1907-08-29
GENERAL LAWS
Enacted by the Legislature of Alabama.

be; and in such case the delivery may De shown to have been conditional or Tor special purpose only. and not for the purpose of Transferring the prop- erty in the instrument. But where the instrument is in the hands of a holder In due course, valid delivery thereof by all parties prior to him so as to make them liable to him, is conclu- siyely presumed. And where the in- strument Is no longer in the pos session of party whose signature appears thereon. valid and in tentional delivery by him is presumed until the contrary Ns proved.
 Sec. l7. Where the language of the instrument>is ambiguous. or there are omissions therein. the following rules Of construction apply: r. Where the sum payable Is expressed in words and also in figures and there is a discrep- ancy between the two, the sum denot- ca In figures is the sum payable, but, 1T the words are ambiguous or uncer- tain. references may be had to the fig ures to fit the amount g. Where the instrument provides for the payment Of interest. without specifying the date from which interest is to run, the fn- terest runs from the date of the fn- strument and if the instrument is un- dated from the issue thereof. 8. Where the instrument is not dated, 1t will be considered to be dated as of the time It was issued. 4. Where there is conhfct between the written and print- ed provisions of the instrument the written provisions prevail 5. Where the instrument is so ambiguous that there Is doubt whether 1t is a bill or a note, the holder may treat 1t as either at his election. 6. Where a signature IS so placed upon the instrument that IS Is not clear in what capacity the person making the same intended to sign, he is to be deemed an indorser z. Where an instrument containing the words promise to pay'' is signed by two or more persons. they are deemed to be jointly and severally lia- ble thereon.
 Sec. IS. No person is liable on the instrument whose signature does not appear thereon, except as herein, 1oth- erwise expressly provided. But one who signs in trade or assumed name win be liable to the same extent as if ne had signed in his own name
 Sec IS. The signature of any party may be made by duly authorized agent. No particular form of appoint ment Is necessary for this purpose, and the authority of the agent may be established as in other cases of agency.
 Sec. 20. Where the instrument con- tains, or a person adds to his sigma ture, words indicating that he signs for q representative capacity he is not lia- ble on the Instrument if he was duly authorized; but the mere addition of words describing him as an agent. or as filling a representative character without disclosing his principal does not exempt him from personal liability.
 Sec. 21. signature by "procura- tion'' operates as notice that the agent has but limited authority to sign and the principal is bound only in case the agent in so signing acted within the actual limits of his authority.
 Sec. 22. The indorsement or assign ment of the instrument by a corpora tion or by an infant passes the prop erty therein. notwithstanding that from want of capacity the corporation or infant may incur no liability there on.
 Sec. 23. Where a signature is forg- ed or made without the authority of the person whose signature it purports to be. 1t is wholly imperative, and no right to retain the instrument, or l to give a discharge therefor, or to en- force payment thereof against any par | ty thereto, can be acquired through or under such signature. unless the l party against whom 1t is sought to | enforce such right is precluded from setting up the forgery or want of au- thority
 Sec. "A. Every negotiable instrument | is deemed priTna facie to have been is- sued for a valuable consideration, and every person whose signature appears thereon to have become a party there | to for value.
 | Sec. 25. Value is Any consideration sufficient to support a simple contract. An antecedent or pre-existing debt constitutes value. and is deemed such, whether the instrument is payable on 1AF1 at ftN3Vr
 Sec. 26. Where value has at any time been given for the instrument, the holder is deemed holder for value in respect to all parties who became such prior to that time.
 Sec. 27. Where the holder has a lien on the instrument, arising either from contract or by implication of law, he is deemed holder for value to the extent of his lien.
 Sec. 2S. Absence or failure of con- | sideration is a matter of defense as against any person not a holder in due course, and partial failure of consid- eration is a defense protanto, whether the failure Is an ascertained and liqua- | dated amount or otherwise.
 Sec. 29. An accommodation party is one who has signed the instrument as maker, drawer, acceptor, or indors- | CT, without receiving value therefor, and for the purpose of lending his name to some other person. Such | person is liable on the instrument to | a holder for value, notwithstanding such holder at the time of taking the | instrument knew him to be only an &C., commodation party ... Sec. 30. An instrument is negotiated where it is transferred from one per son to another in such manner as to 1 constitute the transferree the holder l thereof. If payable to bearer, 1t is ne- | gotiated by delivery; if payable to or der. it is negotiated by the indorse- ment of the holder, completed by de- livery.
 Sec 31. The indorsement must be written on the instrument itself or upon a paper attached thereto. The signature of the indorser without ad- ,ditional words, Is a sufficient indorse- | ment.
 Sec 82. The indorsement must be an indorsement of the entire | instrument. An indorsement which purports to transfer to the in- dorsee a part only of the amount pay able. or which purports to transfer the instrument to two or more in- dorsees severally, does not operate as a negotiation of the instrument. But where the instrument has been paid in | part, it may be fndorsed as to the res | idue.
 Sec 33. An Endorsement may be either in blank or special; and it may also be either restrictive or qualified, or conditional
 | Sec S4. A special indorsement spec | flies tba pergOn to whom. tO whose