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


 fore delivery
 Sec. 16. Every contract on negotiable instrument Is incomplete and revocable until delivery of the instrument for the purpose of giving effect thereto. As be- tween immediate parties, and as regards a remote party other than holder in due course, the delivery, in order to be effectual must be made either by or under the authority of the party making, drawing, accepting or indorsing, as the case may be; and in such case the deliv- cry may be shown to have been condi- tional or for a special purpose only, and not for the purpose of transferring the property in the instrument. But where the instrument is in the hands of holder in due course, and valid delivery thereof by all parties prior to him so as to make them liable to him, Is conclusively pre- sumed. And where the instrument is no longer in the possession of d party whose signature appears thereon, valid and intentional delivery by him is presumed until the contrary is proved.
 Sec. r. Where the language of the in- strument is ambiguous, or there are omissions therein, the following rules of construction apply:
 1. Where the sum payable is expressed in words and also in figures and there Is a discrepancy between the two. the sum denoted by word is the sum payable; but if the words are ambiguous or un- certain, reference may be had to the fig ures to fix the amount
 ?. Where the instrument provides for the payment of interest without speci- flying the date from which interest is to run, the interest runs from the date of the instrument and if the instrument is undated from the issue thereof.
 3. Where the instrument is not dated 1t will be considered to be dated as of the time it was issued.
 4 Where there Is conflict between the written and printed provisions of the in strument the written provisions prevail
 D. Where the instrument is so ambig- uous that there is doubt whether it 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 it is not clear in what capacity the person making the signature intended to sign, he Is to be
 
 '. Where an instrument containing the words T promise to pay" is signed by two or more persons, they are deemed to be jointly and severally liable thereon
 Sec. IS. No person is liable on the in- strument whose signature does not ap- pear thereon, except as herein otherwise expressly provided. But one who signs in trade or assumed name will be liable to the same extent as if he had signed in his own name.
 Sec. 19. The signature of any party may be made by duly authorized agent No particular form of appointment is nec- essary for this purpose; and the author ity 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 signature words indicating that he signs for or on behalf of the principal, or in a represent ative capacity, he is not liable on the instrument If he was duly authorized; but the mere condition of words describ- ing him as an agent. or as filling a rep resentative character without disclosing his principal. does not exempt him from personal liability.
 Sec. 31. A signature by 'procuration'' operates as notice that the agent has but limited authority to sign, and the prin- cipal is bound only in case the agent in so signing acted within the actual limits of his authority.
 Sec. P. The indorsement or assign ment of the instrument by a corporation or by an infant passes the property there in, notwithstanding that from want of capacity the corporation or infant may incur no liability thereon.
 Sec. 23. Where a signature is forged or made without the authority of the person whose signature 1t purports to be- 1t is wholly imperative and no right to t,Iw +lN charge therefor or to enforce payment thereof, against any party thereto. can be acquired through or under such sigma ture, unless the party against whom 1t is sought to enforce such right Is pre- cluded from setting up the forgery or want of authority.
 Consideration.
 Sec. 24 Every negotiable instrument is deemed prima facie to have been issued for a valuable consideration, and every person whose signature appears thereon to have become a party thereto for value.
 Sec. 25. Value Is any consideration suf- ficient to support a simple contract And antecedent or pre-existng debt consti- tutes value, and Is deemed such, whether the instrument is payable on demand or at a future 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. 2 Where the holder has 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 considera- tion is a matter of defense as against any person not a holder in due course and partial failure of consideration Is a defense pro tanto. whether the failure is an ascertained of liquidated amount or otherwise.
 Sec. 29 An accommodation party is one who has signed the instrument as without receiving value therefor; and for other person Such a 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 accommodation party.
 Negotiation.
 Sec. 30. An instrument is negotiated when it is transferred from one person to another in such manner as to consti- tute the transferee the holder thereof; If payable to bearer, 1t is negotiated by delivery; if payable to order, 1t is nego- tiated by the indorsement of the holder completed by delivery.
 Sec. 31. The indorsement must be writ ten on the instrument itself or on pa per attached thereto. The signature of the indorser without additional words Is a sufficient indorsement Sec. 32. The indorsemsnt must be an indorsement of the entire instrument. An ndorsement which purports to transfer ff t1aa fr,6n urfn nrlxr ofk ,,v.t