The Montgomery advertiser., 1909-09-16
GENERAL LAWS
Enacted by The Legislature of
 Alabama.

not, if completed and negotiated. with out authority. be valid contract in he hands of any holder. a. against any person whose signature was placed thereon before delivery.
 Sec. 16. Every contract on negotiable instrument is incomplete and revocable until delivery of the in- strument for the purpose of giving ef- feet thereto. As between immediate parties, and as regards a remote party other than a holder in due course, the delivery, in order to be effectual. must be made either by or under the authority of the party making, draw ing accepting or indorsing. as the case may be; and in such cass the delivery may be shown to have been conditional or for a special purpose only. and not for the purpose of transferring the property in the instrument But where the instrument is in the hands Of holder in due course, and valid de- livery thereof by all parties prior to him so as to make them liable to him, is concIusiveiy presumed And where the instrument is no longer In the pos session of a party whose signature appears thereon, valid and inten- tional delivery by him is presumed until the contrary Is proved.
 Sec. IT. Where the language of the instrument is ambiguous. or there are omissions therein the following rules of construction apply:
 1. Where the sum payable Is ex- pressed in words and also In figures and there is discrepancy between the two, the sum denoted by words is the sum payable; but if the words are ambiguous or uncertain. reference may be had to the figures to fix the amount.
 2. Where the instrument provides for the payment of interest without specifying the date from which inter- est Is to run, the interest runs from the date of the instrument. and if the instrument is undated from the issue thereof.
 3. Where the instrument is not dated. 1t will be considered to be dated as of the time 1t was issued.
 {. Where there Is conflict between the written and printed provisions of the instrument the written provisions prevail.
 B. Where the instrument is so ann biguous that there ia doubt whether 1t is bill or a note, the holder may treat 1t as either at his election.
 6. Where a signature is so placed upon the instrument that 1t Is not clear in what capacity the person making the intended to sign. he is to be deemed an indorser.
 T. Where an instrument containing thO pEOhIScs pay IS 8tkno0 by two or more persons, they are deemed to be jointly and severally lia- ble thereon.
 Sec. IS. No person is liable on the instrument whose signature does not appear thereon, except as herein oth- erwise expressly provided. But one who signs in a trade or assumed name will be liable to the same extent as if he had signed in his own name.
 Sec 1a. The signature of any party may be made bE a duly authorized agent. No particular form of appoint ment is necessary for this purpose; and the authority of the agent may be established as in other cases of agency,
 Sec. 20. Where the instrument con- tains. or c person adds to his sigma ture. words indicating that he signs for or on behalf of the principal, or in 8 representative capacity, he Is not liable on the instrument if he was duly authorized; but the mere condition of words describing him as an agent. or as filling 6 representative character without disclosing his principal. does not exempt him from personal liabil- tty.
 Sec. 21. A signature by 'procura- tion" operates as notice that the agent has but limited authority to sign, and the principal is bound only in case the agent in so signing acted within the actual limits of his authority.
 Sec. 22. The indorsement or as- signment of the instrument by a cor poration or by an infant passes the property therein, notwithstanding that from want of capacity the corporation or infant may incur no liability there- on.
 Sec. 23. Where signature is forged or made without the authority of the person whose signature 1t pur- ports to be, 1t is wholly imperative and no right to retain the instrument, or to give a discharge therefor, or to enforce payment thereof, against any party thereto. can be acquired through or under such signature, unless the party against whom it Is sought to en- force such right Is precluded from set ting up the forgery or want of au- thority.
 Considera ti0n.
 Sec. "A. Every negotiable instrument is deemed prima facie to have been Issued for a valuable consideration. and every person whose signature appears theron to have become 8 party thereto for value.
 Sec. 25. Value is any consideration sufficient to support & simple contract And antecedent or pre-existing debt constitutes value, and is deemed such whether the instrument Is payable on demand or at a future time.
 Sec 26 Where value has at any time been given for the instrument. the holder Is deemed a holder for value In respect to all parties who became such prior to that time.
 Sec. 27. Where the holder has a lien on the instrument. arising either from contract or by implication of law, he Is deemed a holder for value to the extent of his lien.
 Sec. 2S Absence or failure of con- sideration is a matter of defense as against any person not holder in due course and partial failure of consider ation Is a defense pro tanto, whether the failure Is an ascertained of Iiqui- dated amount or otherwise. Sec. 2s An accommodation party is one who has signed the instrument as maker. drawer. acceptor, or indorser, without receiving value therefor; and for the purpose of lending his name to some other person. Such a person Is liable on the instrument to a holder for value, notwithstanding such holder at the time of taking the instrument know him to be only an accommodation party.
 Negotiation.
 Sec 30, An instrument Is negotiated when 1t is transferred from one per- son to another in such manner as to constitute the transferee the holder thereof; if payable to bearer, 1t is negotiated by delivery; If payable to order, 1t Is negotiated by the indorse- ment of the holder completed by de- livery.
 Sec. s1. The indorsement must be