The Birmingham age-herald., 1909-09-16
Form and Interpretation.

ldIuIe or AlaDdma, mat an instrument to be negotiable must conform to the following requirements:
 1. It must be in writing and signed by the maker or drawer
 ?. It must contain an unconditional promise or order to pay sum certain in money.
 3. Must be payable on demand or at a fixed determinable future time.
 4. Must be payable to order or to bear CT; and
 5. Where the instrument Is addressed to a drawer. he must be named or other wise indicated therein with reasonable certainty
 Sec ?. The sum payable is sum cer- tain within the meaning of this act, all though it is to be paid:
 l. With interest; or,
 ?. By stated installments.
 3. By stated installments, with a pro- vision that upon default in payment of any installment, or of interest, the whole shall come due; or,
 1. With exchange, whether at a fixed rate or at the current rate; or,
 5. With cost of collection or an attor- ney's fee, in case payment shall not be made at maturity
 Sec. 3. An unqualified order or prom ise to pay is unconditional within the meaning of this act, though coupled with: 1. An indication of a particular fund out of which reimbursement is to be made or a particular account to be debted with the amount; or
 9 A statement of the transaction which gives rise to the instrument
 But order or promise to pay out of a particular fund is not unconditional. Sec. f. An instrument is payable at determinable future time, within the meaning of this act, which is expressed to be payable.
 2. On or before a fixed or determina- hle future time specified therein; or 8. On or at a fixed period after the oc- currence of a specified event, which is certain to happen, though the time of happening be uncertain.
 An instrument payable upon a contin- gency Is not negotiable. But the nego- tiable character of an investment other wise negotiable is not affected by pro- vision which:
 1. Authorize the sale of collateral curities in case the instrument be not paid at maturity; or
 ?. Authorize a confession of judgment if the instrument be not paid at maturi- ty; or
 3. Valves the benefit of any law in- tended for the advantage or protection of the obligator; or
 4. Give the holder an election to re- quire something to be done in lieu of payment of money
 But nothing in this section shall vali- date any provision or stipulation other wise illegal.
 Sec. g. The validity and negotiable character of an instrument are not af- fected by the fact that:
 1. It is not dated; or
 2 Does not specify the value given, or that any value has been given there for; or
 3. Does not specify the place where it ble; or
 A. Bears a seal; or
 B. Desgnates a particular kind of cur rent money in which payment is to be made.
 But nothing in this section shall alter or repeal any statute requiring in cer- tain cases the nature of the considera- tion to be stated in the instrument.
 Sec '. An instrument is payable on demand:
 1. Where 1t is expressed to be payable on demand or at sighy, or on presenta- tion, or
 2. In which no time for payment is expressed.
 B. Where an instrument is issued, ac- cepted or indorsed when overdue, it is as regards the person so issuing, accept ing or indorsing it, payable on demand. Sec. 8. The instrument is payable to order where it is drawn payable to the order of a specified person or to him or his order It may be drawn payable to the order of:
 1. A payee who is not a maker, drawer or drawee; or
 2. The drawer or maker or
 8. The drawee; or
 4. Two or more payees jointly; or
 6. The holder of an office for the time being.
 Where the instrument is payable to order the payee must be named or other wise indicated therein with reasonable certainty.
 Sec. g. The instrument is payable to 1. When it is expressed to be so pay able; or
 2. When it is payable to a person named therein or bearer, or
 8. When it is payable to the order of a fictitious or non-existing person, and such fact was known to the person mak- ing 1t so payable; or
 4 When the name of the payee does not purport to be the name of any per son; or
 g. When the only or last indorsement is an indorsement in blank.
 Sec. 10. The negotiable instrument need not follow the language of this act but any terms are sufficient which clear ly indicate an intention to conform to the requirements thereof.
 Sec. Il. When the instrument or an acceptance of any indorsement thereon is dated, such date is deemed prima facie to be the true date of the mak- ing. drawing, acceptance or indorsement as the case may be.
 Sec. 12 The instrument is not invalid for the reason only that 1t is ante-dated or post-dated, provided this is not done for an illegal or fraudulent purpose. The person to whom an instrument dated is delivered acquires the title thereto as of the date of delivery
 Sec. 13. When an instrument expressed to be payable at a fixed period after date is issued undated, or where the accept ance of an instrument at a fixed period after sight is undated, any holder may insert therein the true date of issue or accordance and the instrument shall be payable accordingly. The insertion of a wrong date does not avoid the instru- ment in the hands of subsequent hold CT in due course, but as to him, the date SO inserted is to be regarded as the true date
 Sec A. Where the instrument is want ing in any material particular, the person in possession thereof has prima facie authority to complete 1t by filling up the blank paper delivered by a person mak- ~g1 f,,ra n CrHoP hat