The Montgomery advertiser., 1909-09-16

msnt must bs made with reasonable diligence.
 Sec. sa. prsssnsm.n. for payment
 l. Where after the exercise of reas- enable diligence presentment ss re- auired by this act cannot be made.
 2. Where the drswse is . fictitious person.
 .. By waiver of prssentmsnt. sx- press or implied.
 Sec. s3. The instrument is honored by non-payment when: l. It is duly presented for payment and payment is refused or can not bs obtained; or
 2. Presentment is excused and the instrument Is overdue and unpaid. Sec. s4. Subject to the provisions of this Act when the instrument is dishonored by non-payment, an imm.- diate right of recourse to all parties secondarily liable thereon, aocrues to the holder.
 Sec, s5. Every negotiable instru- ment Is payable at the time fixed there | in without grace. When the day of maturity falls upon Sunday. or holi- day. the instrument Is payable on the next succeeding business day. Instru- ments falling due on Saturday are to be presented for payment on the next succeeding busineas day. except that in- strument payable on demand may. at the option of the holder, be presented for payment before 12 o'clock noon on Saturday. when that entire day is net holiday.
 | payable at Q fixed period after date sf- ter sight, or after the happening of c specified event. the time of payment is determined by excluding the day from which the time is to begin to run, and by including the date of pay Il ment.
 Sec. s7. When the instrument is made payable at . bank, 1t is equiva- lent to an order to the bank to pay the same for the account of the prin- cipal debtor thereon. Sec. SS. Payment is made in due
 course when 1t is made at or after maturity of the instrument to the hold- CT thereof in good faith without no- tice that his title Is defective. Notice of DishenoR. Sec. 80. Except as herein otherwise provided, when a negotiable instru- ment has been dishonored by monaco ceptance or non-payment, notice of dishonor must be given to the drawer and to each indorser, and any drawer or indorser to whom such notice is not given is discharged.
 Sec. 90. The notice may be given
 
 or on behalf of any party to the in- strument who might be compelled to pay it to the holder, and who, upon | taking 1t up, would have c right to re- | imbursement from the party to whom the notice Is given.
 | Sec. 9i. Notice of dishonor may be given by an agent either in his own name or in the name of any party ems titled to give notice. whether that par | ty be hts principal or not. Sec. 92. Where notice Is given by | or on behalf of the holder, it inures for the benefit of all subsequent holders and all prior parties who have a right to recourse against the party to whom 1t is given.
 Sec. ss. Where notice is given by or | on behalf of party entitled to give | notice. 1t inures for the benefit of the holder and all parties subsequent to the party to whom notice Is given Sec. s4. Where the instrument has been dishonored in the hands of an agent. he may either himself give mo- | tice to the parties liable thereon, or he may give notice to his principal. If he givss notice to his principal he must do so within the same time az he were the holder, and the principal upon the receipt of such notice, has himself the same time for giving mo- | tice as if. the agent had been indepsnd. | ent holder. Sec. s5. A written notice need not l be signed, and an insufficient written | notice may be supplement and vali- | dated by verbal communication. A mis-description of the instrument does not vttiate unless the party to whom the notice is given Is in fact mislsd thereby. .s4.r ,,e ,. 1o-4
 See. ss. The notice may bs in writ ing or merely oral and may be given | in Wyhf | fly the instrument and indicate that 1t has been dishonored by non-accept- ance or non-payment. It may in all | cases be given by delivering 1t person. ally or through the malls. Sec. 97. Notice of dishonor may be given either to the party himself or to his agents in that behalf. Sec. 9S. Where any party is dead, and his death is known to the party giving notice, the notice must be given to personal representative, if there be one, and if with reasonable dili- gence he can be found. if there be no personal representative, notice may be | sent to the last residence or place oS business of the deceased. Sec. 9S. Where the parties to be | notified are partners. notice to any one partner Is notice to the firm, even though there has been a dissolution, Sec. 100. Notice to joint parties who are not partners must be given to each of them, unless one of them has authority to receive such notice for | the others.
 Sec. lo1. Where a party has been | adjudged a bankrupt or an insolvent, | or has made an assignment for the benefit of his creditors, notice may be given either to the party himself or to his trustee or assignee. | Sec. 102. Notice may be given as soon as the instrument is dishonored, and unless delay is excused as herein | after provided. must be given within the times fixed by this Act. Sec. 103 Where the person giving and the person to receive notice reside | in the same place. notice must be giv- en within the following times: 1, If at the place of business of the person to receive notice, 1t must be | given before the close of business hours on the day following. 2. If given at his residence, 1t must be given before the usual hours Of rest, on the day following. 3. If sent by mail, 1t must be de- posted in the postoffice In time to reach him in the usual course on the day following.
 Sec. 1O4. Where the person giving and the person to receive notice reside in different places, the notice must be l given within the following times: 1. If sent by mail, 1t must be de- | posted in the postofflce in time to go by mail the day following the day of dishonor, or, if there be no mail at a convenient hour on that day. by the next mail thereafter
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