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PREFACE.

The Negotiable Instruments Law was enacted by the Legislature of Michigan at its 1905 session and on this 16th day of September, 1905, becomes a law of the State.

Soon after the approval of the Act-June 16, 1905,-I undertook the work of annotating the statute and of explaining its origin, scope and purpose in such particulars as seemed to invite explanation.

It has been my purpose to point out what changes the Statute has made in existing law, to what extent and how it and the Bills of Exchange Act upon which it is modeled have been construed by the courts, and wherein it has settled the law and removed conflict in the authorities. To these ends, I have cited under the several propositions of the statute the Michigan cases pertaining to the particular proposition and such English, Federal and other state cases as seemed to me good illustrations or clear explanations of the proposition involved and every case which has arisen under this statute and under the Bills of Exchange Act tending in any way to explain, illustrate or construe the statutory provision or to elucidate the general proposition covered thereby.

I submit the result of my work-undertaken in the hope that it might help the profession and the bankers and business men in dealing with this statute-to all who

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