The Birmingham age-herald., 1909-09-16

Sec. 109. Notice of dishonor may be
 waived, either before the time of giving
 notice has arrived or after the omission
 to give due notice, and the waiver may be expressed or implied
 Sec. 10. Where the waiver is embodied
 in the instrument itself, it is binding
 upon all parties; but where it is written
 above the signature of an indorser, it
 binds him only. Sec. III. A waiver of protest, whether
 In the case of foreign bill of exchange
 or other negotiable instrument is deemed
 to be waiver not only of former pro-
 test but also of a presentment and mo-
 tice of dishonor. Sec 112. Notice of dishonor is dis
 pensed with when, after the exercise of
 reasonable diligence, it cannot be given
 to or does not reach the parties sought to be charged. Sec. 113. Delay in giving notice of dis
 honor Is excused when the delay is 1 caused by circumstances beyond the con
 trol of the holder and not imputable to
 his default, misconduct or negligence | When the cause of the delay ceases to operate, notice must be given with reas-
 enable diligence Sec. IA Notice of dishonor is not re-
 quired to be given to the drawer in either 1 of the following cases: ] 1. Where the drawer and the drawee
 are the same person. [. Where the drawee is a fictitious per
 son or person not having capacity to
 contract
 3. Where the drawer Is the person to
 whom the instrument is presented for | payment.
 expect or require that the drawee or ac- | ceptor will honor the instrument. | 5. Where the drawer has counter | manded payment. Sec. 115. Notice of dishonor is not re- l quired to be given to an indorser in either | of the following cases: 1. Where the drawee is fictitious per-
 son or 8 person not having capacity to | contract and the indorser was aware of l the fact at the time he indorsed the in- | strument.
 | 2. Where the indorser is the person to
 whom the instrument is presented for | payment.
 8. Where the instrument was made or 1 accepted for his accommodation. Sec 116. Where due notice of dishonor | by non-acceptance has been given, mo- | tice of the subsequent dishonor by non l payment is not necessary unless In the
 meantime the instrument has been ac-
 cepted.
 | Sec IF. An omission to give notice of | dishonor by non-acceptance does not 1 prejudice the rights of holder in due course subsequent to the omission. l Sec. 11S. Where any negotiable instru
 ment has been dishonorsd 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 eisn bills of exchange. Discharge of Negotiable Instruments. | Sec 11s A negotiable instrument Is dis | charged:
 1. 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 fnstru- l ment is made or accepted for accommo- 1 dalton.
 | 8. By the intentional cancellation there | of by the holder. A. By any other act which will dis charge simple contract for the pay ment of money. 1 5. When the principal debtor becomes l the holder of the instrument at or after
 maturity in his own right. l Sec 12o. A person secondarily liable on l the instrument is discharged: | l. By an act which discharges the in- strument.
 g. By the intentional cancellation of 1 his signature by the holder. 8. By the discharge of a prior party. | f. By a valid tender of payment made
 by prior party. l B. By release of the principal debtor | unless the holders right of recourse against the party secondariy liable Is | expressly reserved. 1 G. By any agreement binding upon | the holder to extend the time of pay | ment, or to postpone the holders right | to enforce the instrument, unless made l with the assent of the party secondarily liable or unless the right of recourse
 against such party is expressly re-
 served.
 | Sec. 121. Where the instrument Is paid | by a party secondarily liable thereon, | 1t is not discharged; but the party so pay | ing it is remitted to his former rights l as regards all prior parties, and he may l strike out his own and all subsequent h.
 dorsements and again negotiate the in- | strument, except 1. Where it is payable to the order of
 a third person and has been paid by the
 drawer, and
 2. Where 1t was made or accepted for | accommodation 1t has been paid by the
 party accommodated.
 Sec 123. The holder may expressly an- | nounce his rights against any party to | the instrument before, at, or after it's 1 maturity An absolute and uncondition- l al renunciation of his rights against the | principal debtor made at or after the | maturity of the instrument discharges | the instrument. But a renunciation does l not a1ect the r1BuIb OI u HoiucT III Quc | course without notice. A renunciation
 must be in writing, unless the instrument ] is delivered up to the person primarily l liable thereon. | Sec 123 cancellation made unin- | tentionally, or under a mistake, or with | out authority of the holder, Is inopera- | tive; but where an instrument or any | signature thereon appears to have been l cancelled, the burden of proof lies on the
 party who alleges that cancellation was | made unintentionally, or under a mistake | or without authority. | Sec. 124. Where a negotiable instri- l ment is materially altered without tho | assent of all the parties thereon, 1t Is | void except as against party who has l himself made, authorized or assented to | the alteration and subsequent indorsers. | But where an instrument has been ma 1 terially altered and is made in the hands | of a holder in due course, not a party to 1 the alteration, he may enforce payment
 thereof according to its original tenor.
 Sec. 125. Any alteration which changes: 1. The date.
 2. The sum payable. either for principal | or interest
 3. The time or place of payment
 4. The number or the relations of the parties.
 | 5. The medium or currency in which
 payment Is to be made. Or which adds | place of payment where no place of
 payment fs specified. or any other change | or addition which alters the effect of the
 instrument in any respect. is a material
 alteration.