The Montgomery advertiser., 1909-09-16

I Sec. fos. Notice of dishonor may b.
 waived. either before the time of giv-
 ing notice has arrived, or after the
 omission to give due notice, and the waiver may be expressed or implied.
 Sec. 1io. Where the waiver is em-
 bodied in the instrument itself, 1t is
 binding upon all parties; but where it 10 written above the signature of an indorser, 1t binds him only. Sec. Ill. A waiver of protest | whether in the case of . foreign bill of exchange or other negotiable in-
 strument, Is deemed to be waiver | not only of former protest, but also of c presentment and notice of dis
 honor.
 Sec. IIa. Notice of dishonor is dis pensed with when. after the exercise of reasonable diligence. 1t can not be giv-
 en to or does not reach the parties
 sought to be charged
 Sec. 11s. Delay in giving notice of
 dishonor is excused when the delay is | caused by circumstaances beyond the | control of the holder and not imput- 1 able to his default, misconduct or neg | ligence. When the cause of the delay | ceases to operate, notice must be given with reasonable diligence.
 Sec. lt4 Notice of dishonor 10 not
 required to be given to the drawer in either of the following cases: 1. Where the drawer and the drawse are the same person.
 2. Where the drawee Is . fictitious person or person not having capacity to contract.
 |. Where the drawer is the person to whom the instrument is presented for payment
 (. Where the drawer has no right to expect or require that the drawss or | --frI h. a.. | {. Where the drawer has counter-
 Sec 1is. Notice of dishonor is not required to be given to an indorser in either of the following cases: !. Where the drawee is . fictitious person or . person not having capacity to contract and the indorser was aware of the fct at ths time he indorssd the instrument.
 . Where the indorser ia the person to whom the instrument is presented for payment.
 Where the instrument was made or accepted for his acomodation. Sec 11e. Where due notice of dis- honor by non-acceptance has been Riv- on, notice of the subsequent dishonor by non payment Is not necessary, unless in the meantime the instrument has been accepted.
 | Sec. IF. An omission to give notice of dishonor by non-aceptance does not prejudice the rights of holder in due course subsequent to the omission. | Sec. 118. Where any negotiable in- strument has been dishcnored 1t may be protested for non-aceeptance or nom payment as the case may be. But pro- test Is not required except in the ease of foreign bills of exchange.
 Discharge of Negotiable Instruments. a.ta tra tmx.r nj q dischargedS
 |. By payment in due course by or on behalf of the principal debtor. .. By payment in due course by the party accomodated. where the instru- ment is made or accepted for aeeome- dation.
 :. By the intentional cancellation thereof by the holder. (. By any other act which will dis charge 6 simple contract Tor the pay ment of money.
 5. when the principal debtor be- comes the holder ot the instrument at or after maturity in his own right. Sec. l2o. A person secondariiy liable on the instrument is discharged: l. By an act which discharges the instrument.
 2. By the intentional cancellation of his signature by the holder.
 3. By the discharge of prior party. {. By valid tender of payment made 6. By a release of the principal debtor unless the holders right of rec course against the party sscondarilY liable ts expressly reserved. . c. By any agreement binding upon the holder to extend the tina of pay ment, or to postpone the holder's right 10 enforce the tnstrument. unless made I nA Ak ar4N aAAand Tfs | ly liable or unless the right of recourse against such party Is expressly reHsrv- ed.
 Sec. 1ai. Where the instrument is paid by . party seoondaTily liable thereon, 1t Is not discharged: but ths marty SO paying 1t is remttted ta his former rights as regards all prior par ties and he may strike out ms own and all subsequent indorsenents ana again negotiate the instrument exeenI i. Where 1t Is payable to the order | of a third person. and has bsen paid by the drawer and
 3. Where 1t was made or accepted for aconlodatlon u has been ratd nS the party accomodatAd. Sec is2 The holder may expressly announce his rights against any party to the instrument b~fore. at. or after its maturity. An absolute ana uncon-
  against the principal debtor made at l or after the maturity of the instruInsnt discharges tho instrument. Hut rec nunctatIon does not affect the rights of a holder in due course without nos tice, A renunciation must be In writ | ing, unless the instrument Ia delivered up to the person primarily liable thsre- | on.
 Sec. 123. A cancellation made unin- | tentionally, or under Q mistake. or without authority of the holder. is ir- operative; but where an instrument or any signature thereon appears to have been cancelled, the burden of proof lies on the party who alleges that eancella- ton was made unintentionally, or un> der a mistake or without authority. Sec. 124. Where negotiable fn- strument is materially altered without the assent of all the parties thereon, 1t Is void. except as against party who has himself made, authorized or assented to the alteration and subse' 1uent indorsera. But where an tnstru. ment has been materially altered and is in the hands of a holder in due course, not a party to the alteration. he may enforce payment thereof ac' cording to it's original tenor,
 Section 12B. Any alteration which changes: l. The date. | ?. The sum payable. either for prin' cipal Or interest.
 | 8. The time or plae~ of payment 4 The number or the relations o' the parties
 l 5. The medium or currency in which payment Is to be made. Or which adds a place of payment where no place of | navment is speciefd. or any other