The Montgomery advertiser., 1907-08-29

than as maker, drawer or acceptor is deemed to be an indorser, unless he clearly indicates by appropriate words his intention to be bound in some other capacity.
 Sec. 64. Where person. not other wise a party to an instrument, places thereon his signature in blank before delivery, he is liable as indorser in accordance with the following rules: l. 1T the instrument Is payable to the order of third person, he is liable 10 the payee and to all subsequent par ties ?. If the instrument is payable 10 the order of the maker or drawer, or Is payable to bearer, he is liable to all parties subsequent to the maker or drawer. 3. If he signs for the accommodation of the payee he is liable to all parties subsequent to the payee.
 Sec 65. Every person negotiating an instrument by delivery or by a qual- lhed indorsement warrants: l. That the instrument is genuine in all re- spects what it purports to be. 2. That he has good title to it. B. That all prior parties had capacity to contract. 4. That he has no Knowledge of any fact which would impair the validity of the instrument or render 1t valueless. But when the negotiation is by deliv- cry only, the warranty extends in fa- vor of no holder other than the in1rne- diate transferee. The provisions of subdivision three of this section do not apply to persons negotiating pub lie or corporate securities. other than bills and notes.
 Sec 66. Every indorser who in- dorses without qualification, warrants to all subsequent holders in due course. The matters and things men, tioned in subdivisions one, two and three of the next preceding section; and, 2. That the instrument is at the time of his indorsement valid and sub sisting, And, in addition, he engages, that on due presentment. 1t shall be accepted or paid, or both as the case may be. according to its tenor. and that if it be dishonored and the neces- sary proceedings on dishonor be duly taken, he will pay the amount thereof, to the holder or to any subsequent in- dorser who may be compelled to pay it.
 Sec 67. Where a person places his indorsement on an instrument negoti- able by delivery he incurs all the lia- bilities of an indorser.
 Sec 6S. As respects one another, in- dorsers are liable prima facie in the order in which they indorse; but evil dence is admissible to show that as between or among themselves they have agreed otherwise. Joint payees or joint indorsees who indorse are deemed to indorse jointly and severally.
 Sec. 69. Where a broker or other agent negotiates an instrument without indorsement he incurs all the liabilities prescribed in Section 65 of this Act, un- less he discloses the name of his prir- cipal, and 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, b 1t if the instrument Is, by its terms, pay able at a special place, and he is able and willing to pay 1t there at maturity, such ability and willingness are equiya- 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. F"
 Sec. Il. Where the instrument is not payable on demand, presentment must be made on the day 1t falls due. Where 1t is payable on demand, presentment must be made within reasonable time after its issue, except that in the case of a. bill of exchange. presentment for payment will be sufficient if made with in reasonable time after the last ne- gotiation thereof.
 Sec. 72. Presentment for payment to EullClShNy Ue Dy LIC holder, or by some person authorized to receive payment on his behalf. 2. at reasonable hour on business day; 3. At a proper place as herein de- fined 4. To the person primarily liable on the instrument, or if he Is ab- sent 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 l. Where a place of payment Is specified in the instrument and 1t is there presented; 2. Where no place of payment is specified and the address of the person to make payment Is given in the instru- ment and is there presented. 3. where no place of payment Is specified and no address is given and the in- strument is presented at the usual place of business or residence of ethe 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 residence.
 Sec. "A. The instrument must be ex- hibited to the person from whom pay ment is demanded, and when 1t is paid must be delivered up to the party pay ing it.
 Sec. 75. Where the instrument is pay able at a bank, presentment for pay ment must be made during banking hours, unless the person to, make pay ment has no funds there to meet it at any time during the day. in which case presentment at any hour before the bank Is closed on that day Is sufficient
 Sec. 76. Where the person primarily liable on the instrument is dead, and no place of payment is specified, pre- sentiment for payment must be made to his personal representative. If such there be. and if with the exercise of reasonable diligence he can be found.
 Sec. TT. Where the persons primar- fly liable on the instrument are liable as partners, and no place of payment is specified, presentment for payment may be made to any one of them, even though there has been a dissolution of the firm.
 Sec. 7S. Where there are several per- sons, not partners, primarily liable on the instrument and no place of pay ment is specified, presentment must be made to them all.
 Sec. 79. Presentment for payment is not required in order to charge the drawer where he has no right to ex- pect or require that the drawee or ac- ceptor will pay the instrument.
 Sec. 80. Presentment for payment is not required in order to charge an in- dOrser where the instrument was made or accepted for his accommodation, and he has no reason to expect that the in- strument will be paid if presented.
 Sec. S1. Delay in making present. ment for payment is excused when the delay Is caused by circumstances be- yond the control of the holder and not imputable to his default, misconduct or