The Montgomery advertiser., 1909-09-16

Sec 1ss. Except as herein othef- wise provided. where any one part of a bill drawn in Q set is discharged by payment or otherwise the whole btil is discharged.
 Promsssery Notes a.d cAeel<s. note within the meaning of this Act Is an unconditional promise made by one person to another, signed hy the maker, engaging to pay on demand or at . fixed or determinable future time. a sum certain in money to order or 10 bearer. Where . note Is drawn 10 the makers own order. 1t is not complete until indorsed by him. Sec. 1ss. A check is . bill of ex- change drawn on a bank payable on demand. Except as herein otherwise provided. the provisions of this Act appiiabie to . biii of exchange payable on demand apply to . check. Sec 1s6. A check must be present. ed for payment within a reasonable time after its issue or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay.
 Sec. 1s7. Where a check is certifi- ed by the bank on which 1t Is drawn. the certificate is equivalent to an &C., ceptance.
 | Sec. lss. Where the holder of a check procures 1t to be accepted or certified, the drawer and all indorsers are discharged from liability thereon. | Sec. 1ss. A check of itself does not operate 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 1t accepts or certifies the check. | General Provisions. | O-- n A e as the Negotiable Instrument Law.
 Sec. 1s1. Tn this Act, unless con- text otherwise requires: | Acceptance" means an acceptance l completed by delivery or notification.
 faction" includes counter-ciaim and set-ofY.
 Bank" includes any person or as- sociation of persons carrying on the business of banking, whether incorpor- ated or not.
 l "Bearer' means the person in pos- session of a bill or note which is pay | able to bearer.
 "Biil" means bill of exchange. and mote" means negotiable promissory note.
 "Delivery" means transfer of posses sion. actual or constructive. from ons person to another. "Hoider" means the payee OF indor- ser of . bill or note who is in posses sion of it, or the bearer thereof. Endorsement" means an indorse- ment completed by delivery.
 Instrument" means negotiable inc | strument.
 Tissue" means the first delivery of the instrument complete in form, to l a person who takes 1t as e holder.
 'sPerson" includes a body of persons whether incorporated or not. "value" means valuable oonsidera- tien.
 written" includes printed. and l writing" includes print.
 Sec. 1s2. The person primarily liable on an instrument is the person | who by the terms of the instrument. Ia All other parties are "secondariiy'' ifahls.
 Sec. 193. In determining what is { reasonable time" or an "unreascnabie time" regard is to be had to the na- ture of the instrument, the usage of trade or business Gin any) with respect to such Instruments. and the facts of the particular case.
 Sec. 1sz Where the day or the last day. for doing an act herein requir ed or permitted to be done falls on Sunday or on holiday. the act ma, be done on the next succeeding secuias or business day.
 Sec. 1ss. The provisions of this Act do not apply to negotiable instruments made and delivered prior to the nrs, day of January. 1908. | Sec. 1es. In any case not provided for in this Act. the rules of the law merchant shall govern.
 Sec. 1e7. The provisions of this ac' shall become effective on its appr0va, by the Governor. s s5 v ..-ss-.-, Sec. 1es. All laws and parts of lawi in conflict with the provisions of thii Act. be and the same are hereby. rs- pealed. ~ 5h
 Approved Aug. 16. 1909 Odicial.
 Frank N. Julian.
 Secretary of State.