The Montgomery advertiser., 1909-09-16

and sdmits the existence of tas pAyss and his then capacity to endorse.
 Sec. e1. The drawer by drawing the lfnstrument admits the existence of tho payee and his then capacity to indorse, l and engages that on due preaentment the instrument will be accepted or paid. or both. according to its tenor. and that if 1t be dishonored, and the neces- sary proceedings on this honor be duly taken. he will pay the amount thsreof to the holder. or any subsequent fn- dorserf who may be compelled to pay st But the drawer may insert In the tn- strument an express stipulation nag ativing or limiting his own liability to l the holder.
 Sec. s2. The acceptor by accepting the instrument engages that he will pay 1t according to the tenor of hts Acceptance and admits:
 The existence of the drawer. the lgenuineness of his signature. and his lcapacity and authority to draw the ip- strument: and
 | 2. The existence of the payee and his then capacity to fndorse. Sec. e3. A person placing his Igna" ture upon an instrument otherwise than as a maker, drawer or acseptor is I deemed to be an indorser. unless hs clearly indicates by appropriate words his intention to be bound in some other capacity.
 I Sec. q. Where a person. not other. wise party to an instrument. places thereon his signature in blank before delivery, he is liable as indorser in ac- cordance with the following rules; 1. If the instrument Is payable to the order of a third person, he is liable to the payse and to all subseQuent par ties.
 g. If the instrument is payable to the order of the maker or drawer, or is payable to bearer, he Is liable to all parties subsequent to the maker or drawer,
 8. If he signs for the accommodation of the payee. he Is liable to all parties ubsequent to the payee.
 Sec. 65. Every person negotiating an instrument by delivery or by quail fled indorsement. warrants
 l. That the instrument is genuine in all respects that 1t purports to be. | 2. That he has a good title to it. | 3. That all prior parties had capa- city to contract.
 l. That he has no knowledge of any fact which would impair the validity of the instrument or render 1t value Hess. But when tfe negotiation fs oy delivery only, the warranty extends m favor of no holder other than the fm- mediate transreree.
 The provisions of subdivision 2 Of this section do not apply to persons ne- gotiating public or corporate secnr- ties, other than bills and notes.
 Sec. es. Every indorser who indorses without qualification, warrants to aIi lsubsequent holders in due course'
 1. The matters and things mention ed in subdivision l. 2 and : of the next preceding section; and
 2. That the instrument Is at the time of his indorasment valid and suo- sisting.
 And, in addition, he engages that on due presentment 1t shall be accept ed or paid. or both, as the case may be, according to its tenor. and that IF fl be dishonored and the necessary pro- ceedings on dishonor be duly taken ne will pay the amount thereof to the holder, or to any subsequent indorser who may be compelled to pay IL.
 Sec. 67. Where q person places ms lindorsement on an instrument nesoti- able by delivery he incurs all the l'a- bilities of an indorser.
 Sec. es. As respects one another. indorsers are liable prirna facie m the order in which they indorse; but evidence is admissible to show that as between orA among themselves they have agreed otherwise. Joint payees | Or 10lnt InuOTBtEb Who deemed to indorse jointly and sevsr' ally.
 Sec. es. Where q broker or other laxent negotiates an instrument with out indoraement. he incurs All the ns- lhilities prescribed in Section 6b of this act. unless he discioass the name ot his principal and the fact that he IS acting only as agent. -"
 Presentment for Payment. l nwnaorGvanrsf e0F naym0n2 xB not necessary in order to charge the lnerson primarily on the instrument; but if the instrument is, by It's terms payable at a special place ana nc ID Fable and willing to pay 1t there at ma I+uritv. such ability and willingness are equivalent to c tender of payment on his part. But except as herein other wise provided, presentment TOT pay. ment is necessary in order 10 charbe the drawer and indorsers.
 Sec. n. Where the instrument IS not payable On demand presentment must he made on the day 1t falls due. where lIt ta nayble on demand, presentment must be made within a reasonable time after its issue. except that In the case of e bill of exeh slge. presentment TOT payment will be sufficient 1T mace within a reasonable time atter the iast negotiation thereof.
 l Sec. TS. fT6bcutHCht lVt P1S w be sufficient must be made:
 i By the holder, or by some person authorized to receive payment on his behalf.
 2. At a reasonable hour on a busi- ness day.
 3. At a proper place as herein de- fined.
 4. To the person primarily liable on the instrument, or If he is absent or inaccessible, to any person found at the place where the presentment iS made.
 Sec. 7s. Presentment for payment Is made at the proper place:
 1. Where place of payment Is spe- lcihed in the instrument and 1t Is there presented.
 2. Where no place of payment Is specified and the address of the per son to make payment Is given in the instrument and it is there presented.
 8. Where no place of payment Is specified and no address Is given and the instrument Is presented at the us- lual place of business or residence of the person to make payment
 (. In any other case. if presented to the person to make payment wherever he can be found. or if presented at his Hast known place of business or resi- dence.
 Sec. 74. The instrument must be ex- hibited to the person from whom pay ment is demanded. and when it Is paid must be delivered up to the party pay
 Sec. 75. Where the instrument is payable at a bank. presentment Tor payment must be made during bank