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

and admits the existence of the payee and his then capacity to indorse.
 Sec. 61. The drawer by drawing the instrument admits the existence of the payee and his then capacity to indorse, and engages that on due presentment the instrument will be accepted or paid, or both, according to its tenor, and that if 1t be dishonored, and the necessary pro- ceedings on this honor be duly taken he will pay the amount thereof to the hold CT, or any subsequent indorser who may l be compelled to pay it. But the drawer may insert in the instrument an express stipulation negativing or limiting his own liability to the holder.
 Sec. 62. The acceptor by accepting the instrument engages that he will pay it according to the tenor of his acceptance and admits:
 1. The existence of the drawer, the genuineness of his signature, and his ca pacity and authority to draw the instru- ment; and
 ?. The existence of the payee and his then capacity to indorse. i Sec. 63. A person placing his signature upon an instrument otherwise than as a maker, drawer or acceptor is deemed to be an indorser unless he clearly indi- cates by appropriate words his intention to be bound in some other capacity.
 Sec. 64. Where a person not otherwise party to an instrument, places thereon i his signature in blank before delivery, he is liable as indorser in accordance with the following rules:
 l. If the instrument is payable to the order of third person, he is liable to the payee and to all subsequent parties.
 ?. If the instrument is payable to the order of the maker or drawer, or is pay able to bearer, he Is liable to all parties subsequent to the maker or drawer.
 B. If he signs for the accommodation of the payee, he is liable to all parties subsequent to the payee
 Sec. 65. Every person negotiating an instrument by delivery or by a qualified indorsement, warrants
 l. That the instrument is genuine in all respects that it purports to be.
 2 That he has a good title to it.
 3. That all prior parties had capacity to contract.
 f. That he has no knowledge of any fact which would impair the validity of the instrument or render it valueless. But when the negotiation is by delivery only. the warranty extends in favor of no holder other than the immediate trans fierce.
 The provisions of subdivision of this section do not apply to persons negotiat- ing public or corporate securities, other than bills and notes.
 Sec. 66. Every indorser who indorses without qualification, warrants to all sub- sequent holders in due course:
 l. The matters and things mentioned in subdivision l, 2 and of the next pre- ceding section; and
 ?. That the instrument is at the time of his indorsement valid and subsisting. And, in addition, he engages that on due presentment it shall be accepted or paid, or both, as the case may be, &C., cording to it's tenor, and that if it be dishonored the necessary proceedings on dishonor be duly taken, he will pay the amount thereof to the holder, or to any subsequent indorser who may be com pelled to pay 1t.
 Sec. 67. Where a person places his in- dorsement on an instrument negotiable by delivery he incurs all the liabilities of an indorser
 Sec. 6S. As respects one another, in- dorsers are liable prima facie in the or der in which they indorse; but evidence is admissible to show that as between or among themselves they have agreed otherwise. Joint payees or joint indorsers who indorse are deemed to indorse joint ly and severally.
 Sec. 69. Where broker or other agent l negotiates instrument without in dorsement, he incurs all the liabilities prescribed in Section 65 of this act, un- less he dscloses the name of his prin- cipal and the fact that he is acting only as agent.
 Presentment for Payment.
 Sec. 70. Presentment for payment is not necessary in order to charge the person primarily on the instrument but If the instrument is, by its terms. payable at a special place, and he Is able and willing to pay 1t there at maturity, such ability and willingness are equivalent to ten der of payment on his part. But ex- cept as herein otherwise provided. pre- sentiment for payment is necessary in order to charge the drawer and indorsers
 Sec. n. Where the instrument is not payable on demand presentment must be made on the day 1t falls due. Where it Is payable on demand, presentment must be made within a reasonable time after its issue. except that in the case of a bill of exchange. presentment for pay
 
 reasonable time after the last negotiation thereof.
 Sec. 72. Presentment for payment to be sufficient must be made:
 l. By the holder, or by some person authorized to receive payment on his be- half.
 9 At a reasonable hour on business day.
 A, proper place as herein defined.
 f. To the person primarily liable on the instrument. or if he is absent or in- accessible, to any person found at the place where the presentment Is made.
 Sec. 73. Presentment for payment Is made at the proper place:
 l. Where a place of payment is speci- fled in the instrument and it is there pre- scented.
 2 Where no place of payment is spe- cif1ed and the address of the person to make payment Is given in the instru- ment and it is there presented.
 8. Where no place of payment Is spe- cifed and no address is given and the in strument is presented at the usual place of business or residence of the person to | make payment.
 4 In any other case, if presented to the person to make payment wherever he can be found or if presented at his last known place of business or resi- dence
 Sec "A 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 ing 1t.
 Sec 75. Where the instrument is pay able at a bank presentment for payment rnust he made durinz banking hours, un-