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

Sec. 1s3 Except as herein otherwise provided, where any one part of a bill drawn in a set is discharged by payment or otherwise the whole bill Is discharged
 PromIssory Notes and Checks.
 Sec. 1s4 negotiable promissory note within the meaning of this act is an un- conditional promise made by one person to another, signed by the maker, engag- ing to pay on demand or at fixed or determinable future time, a sum certain in money to order or to bearer. Where note is drawn to the makers own or der. it is not complete until indorsed by him.
 Sec. 1855. A check is bill of exchange drawn on bank payable on demand. Except as herein otherwise provided. the provisions of this act applicable to a bill of exchange payable on demand apply to a check.
 Sec. 1S6. A check must be presented for payment within a reasonable time after its issue or the drawer will be dis charged from liability thereon to the ex- tent of the loss caused by the delay.
 Sec. 1S7. Where check is certified by the bank on which it is drawn, the cer- tihcate is equivalent to an acceptance.
 Sec. 18S. Where the holder of check procures it to be accepted or certified the drawer and all indorsers are dis charged from liability thereon
 Sec. 1S9. A check of itself does not op- crate as an assignment of any part of the funds to the credit of the drawer with the bank, and the bank is not liable to the holder, unless and until it accepts or certihes the check.
 General Provisions,
 Sec 19o. This act shall be known as the Negotiable Instrument Law.
 Sec. 191. In this act, unless context otherwise required Acceptance" means an accordance completed by delivery or notification.
 Action" includes counter-claim and set-off
 Bank" includes any person or asso- citation of persons carrying on the bus mess of banking, whether incorporated or not.
 Bearer" means the person in possess sion of bill or note which is payable to bearer.
 Bill" means bill of exchange. and mote" means negotiable promissory note.
 Delivery" means transfer of possess sion, actual or constructive, from one person to another.
 Holder means the payee or indorser or bill or note who is in possession of 1t, or the bearer thereof.
 Endorsement means an indorsement completed by delivery. Instrument" means negotiable instru- ment.
 Issue" means the first delivery of the instrument complete in form, to a per- son who takes 1t as a holder
 Person. includes a body of persons whether incorporated or not.
 Value" means valuable consideration.
 Written" includes printed and writ ing includes print Sec. 192. The person ''primarily" liable on an instrument is the person who by the terms of the instrument, is absolutely required to pay the same. All other par ties are "secondarily" liable.
 Sec. 193. In determining what is a reasonable time" or an Unreasonable 1 time regard Is to be had to the nature of the instrument, the usage of the trade or business Gin any) with respect to such instruments, and the facts of the partic- uldT case.
 Sec. 1s4. Where the day or the last day, for doing an act herein required or permitted to be done falls on Sunday or on holiday, the act may be done on the next succeeding secular or business I day.
 | Sec. 195. The provisions of this act do not apply to negotiable Instruments made 1 and delivered prior to the first day of January, 1908. | Sec. 196. In any case not provided for In this act, the rules of the law merchant { shall govern. l Sec. 1T. The provisions of this act shall become effective on it's approval by | the Governor Sec. 19S. All laws and parts of laws In conrict with the provisions of this act, be and the same are hereby repealed
 Approved August 26 1909. Official.
 Frank N. Julian, Secretary of State