honor, and must be signed by the acceptor for honor. (Acts 1907, Reg. Sess., c. 81.)

§ 163. When it does not state for whose honor made.-Where an acceptance for honor does not expressly state for whose honor it is made, it is deemed to be an acceptance for the honor of the drawer. (Acts 1907, Reg. Sess., c. 81.)

§ 164. Liability of acceptor for honor.-The acceptor for honor is liable to the holder and to all parties to the bill subsequent to the party for whose honor he has accepted. 1907, Reg. Sess., c. 81.)

(Acts

§ 165. Same; nature of liability. The acceptor for honor by such acceptance engages that he will, on due presentment, pay the bill according to the terms of his acceptance; provided, it shall not have been paid by the drawee, and provided also, that it shall have been duly presented for payment and protested for non-payment and notice of dishonor given to him. (Acts 1907, Reg. Sess., c. 81.)

§ 166. Maturity of sight bill accepted for honor.-When a bill payable after sight is accepted for honor, its maturity is calculated from the date of the noting for non-acceptance and not from the date of the acceptance for honor. (Acts 1907, Reg. Sess., c. 81.)

§ 167. Protest for non-payment before acceptance for honor or reference in case of need. Where a dishonored bill has been accepted for honor supra protest or contains a reference in case of need, it must be protested for non-payment before it is presented for payment to the acceptor for honor or reference in case of need. (Acts 1907, Reg. Sess., c. 81.)

§ 168. Presentment for payment to acceptor for honor.-Presentment for payment to the acceptor for honor must be made as follows: (1) If it is to be presented in the place where the protest for non-payment was made, it must be presented not later than the day following its maturity; (2) if it is to be presented in some other place than the place where it was pro

tested, then, it must be forwarded within the time specified in section one hundred and four. (Acts 1907, Reg. Sess., c. 81.)

§ 169. Same: when delay excused. The provisions of section eighty-one apply where there is delay in making presentment to the acceptor for honor or referee in case of need. (Acts 1907, Reg. Sess., c. 81.)

§ 170. Protest of bill dishonored by acceptor for honor.-When the bill is dishonored by the acceptor for honor it must be protested for non-payment by him. (Acts 1907, Reg. Sess., c. 81.)

ARTICLE VI.-PAYMENT FOR HONOR.

§ 171. When permissable.-Where a bill has been protested for non-payment, any person may intervene and pay it supra protest for the honor of any person liable thereon or for the honor of the person for whose account it was drawn. (Acts 1907, Reg. Sess., c. 81.)

§ 172. Attestation by notarial act. The payment for honor supra protest in order to operate as such and not as a mere voluntary payment must be attested by a notarial act of honor which may be appended to the protest or form an extension to it. (Acts 1907, Reg. Sess., c. 81.)

§ 173. Same; declaration by payer for honor.-The notarial act of honor must be founded on a declaration made by the payer for honor or by his agent in that behalf declaring his intention to pay the bill for honor and for whose honor he pays. (Acts 1907, Reg. Sess., c. 81.)

§ 174. Preference among persons offering to pay.-Where two or more persons offer to pay a bill for the honor of different parties, the person whose payment will discharge most parties to the bill is to be given the preference. (Acts 1907, Reg. Sess., c. 81.)

§ 175. Effect of payment.-Where a bill has been paid for honor, all parties subsequent to the party for whose honor it is paid are discharged, but the payer for honor is subrogated for,

and succeeds to, both the rights and duties of the holder as regards the party for whose honor he pays and all parties liable to the latter. (Acts 1907, Reg. Sess., c. 81.)

§ 176. Refusal of holder to receive payment.-When the holder of a bill refuses to receive payment supra protest, he loses his right of recourse against any party who would have been discharged by such payment. (Acts 1907, Reg. Sess., c. 81.)

§ 177. Right of payer to receive bill and protest.—The payer for honor, on paying to the holder the amount of the bill and the notarial expenses incidental to its dishonor, is entitled to receive the bill itself and the protest. (Acts 1907, Reg. Sess., c. 81.)

ARTICLE VII.—BILLS IN A SET.

§ 178. Parts constitute one bill.-Where a bill is drawn in a set, each part of the set being numbered and containing a reference to the other parts, the whole of the parts constitutes one bill. (Acts 1907, Reg. Sess., c. 81.)

§ 179. Where parts of set negotiated to different holders.— Where two or more parts of a set are negotiated to different holders in due course, the holder whose title first accrues is, as between such holders, the true owner of the bill; but nothing in this section affects the rights of a person who in due course accepts or pays the part first presented to him. (Acts 1907, Reg. Sess., c. 81.)

§ 180. Liability on different parts. Where the holder of a set indorses two or more parts to different persons he is liable on every such part, and every indorser subsequent to him is liable on the part he has himself indorsed, as if such parts were separate bills. (Acts 1907, Reg. Sess., c. 81.)

§ 181. Acceptance. The acceptance may be written on any part and it must be written on one part only; if the drawee accepts more than one part, and such accepted parts are negotiated to different holders in due course, he is liable on every such part as if it were a separate bill. (Acts 1907, Reg. Sess., c. 81.)

§ 182. Payment without delivery of part bearing acceptance.When the acceptor of a bill drawn in a set pays it without requiring the part bearing his acceptance to be delivered up to him, and that part at maturity is outstanding in the hands of a holder in due course, he is liable to the holder thereon. (Acts 1907, Reg. Sess., c. 81.)

§ 183. Discharge of one part discharges whole bill.-Except as herein otherwise provided, where any one part of a bill drawn in a set is discharged by payment or otherwise, the whole bill is discharged. (Acts 1907, Reg. Sess., c. 81.)

Title III.-Promissory Notes and Checks.

§ 184. Definition of promissory note.--A negotiable promissory note within the meaning of this act is an unconditional promise in writing made by one person to another, signed by the marker, engaging to pay on demand or at fixed or determinable future. time, a sum certain in money to order to bearer; where a note is drawn to the maker's own order, it is not complete until indorsed by him. (Acts 1907, Reg. Sess., c. 81.)

§ 185. Definition of Check.-A check is a bill of exchange drawn on a bank payable on demand; except as herei notherwise providd, the prviesions of this act, applicable to a bill of exchange payable on demand, apply to a check. (Acts 1907, Reg. Sess., c. 81.)

§ 186. Presentment of check.-A check must be presented 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. (Acts 1907, Reg. Sess., c. 81.)

§ 187. Certification of check. Where a check is certified by the bank on which it is drawn, the certification is equivalent to an acceptance. (Acts 1907, Reg. Sess., c. 81.)

§ 188. Effect of certification or acceptance. Where the holder of a check procures it to be accepted or certified, the drawer and all indorsers are discharged from liability thereon. (Acts 1907, Reg. Sess., c. 81.)

§ 189. Check not assignment of fund.-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 it accepts or certifies the check. (Acts 1907, Reg. Sess., c. 81.)

Title IV.-General Provisions.

§ 190. Title of act.-This act shall be known as the negotiable instrument law. (Acts 1907, Reg. Sess., c. 81.)

§ 191. Definition of terms.-In this act, unless the context otherwise requires: "Acceptance" means an acceptance completed by delivery or notification. "Action" includes counterclaim and set-off. "Bank" includes any person or association of persons carrying on the business of banking, whether incorporated or not. "Bearer" means the person in possession of a bill or note which is payable to bearer. "Bill" means bill of exchange, and "note" means negotiable promissory note. "Delivery" means transfer of possession, actual or constructive, from one person to another. "Holder" means the payee or indorsee of a bill or note, who is in possession of it, or the bearer thereof. "Indorsement" means an indorsement completed by delivery. "Instrument" means negotiable instrument. "Issue" means the first delivery of the instrument, complete in form, to a person who takes it as a holder. "Person" includes a body of persons, whether incorporated or not. "Value" means valuable consideration. "Written" includes printed, and "writing" includes print. (Acts 1907, Reg. Sess., c. 81.)

§ 192. Who "primarily" liable. The person "primarily" liable o nan instrument is the person who, by the terms of the instrument, is absolutely required to pay the same; all other parties are "secondarily" liable. (Acts 1907, Reg. Sess., c. 81.)

§ 193. What is a "reasonable time."-In determining what is a "reasonable time" or an "unreasonable time," regard is to be had to the nature of the instrument, the usage of trade or business, if any, with respect to such instrument and the facts of the particular case. (Acts 1907, Reg. Sess., c. 81.)