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demeanor, and upon conviction thereof shall be fined not exceeding five hundred dollars, or confined in the county jail not exceeding six months, or both, and shall forfeit his office. When the sheriff shall have fuly complied with all the provisions of this act, he shall not be held personally liable on account of any loss that the county or any district may sustain by reason of the default or failure of any such depository that has given bond approved by the county court. It shall be unlawful for any sheriff or member of a county court to demand or receive any gift, reward, token, or thing of value from any county depository, or from any bank or trust company, for naming, designating or accepting it as a county depository. It shall also be unlawful for any person who is a candidate for the office of sheriff, or member of a county court, either for the nomination, or election to the office after nomination, to demand or receive any gift, reward, token, or thing of value from any bank or trust company eligible for designation as a county depository. Upon conviction for any violation of this section, the person convicted shall be fined not more than five hundred dollars or confined in the county jail not exceeding six months, or both, at the discretion of the court, and in addition thereto shall forfeit his office. (Code 1916, c. 39.)

§ 44. Same: sheriff to collect and disburse school moneys; additional bond. The sheriff of the county shall receive, collect and disburse all school money for the county and the several districts therein. But, before receiving or collecting any such school money, he shall give in addition to his bond as collector of the state and county taxes, a bond with such security to be approved by the county court or other tribunal in lieu thereof, in a penalty of not less than twenty thousand nor more than one hundred thousand dollars, said amount to be fixed by the county court or other tribunal in lieu thereof. Section one hundred and thirtyseven, chapter twenty-seven, acts one thousand nine hundred and eight, relating to sheriffs' bonds, as treasurer for school moneys, in so far as inconsistent with this section, is hereby repealed. All acts or parts of acts inconsistent herewith are hereby repealed. But this act shall not be effective until July first, one thousand nine hundred and sixteen. (Code 1916, c. 39.)

CHAPTER 6.

NEGOTIABLE INSTRUMENT LAW.

Title I.-Negotiable Instruments in General.

ARTICLE I.-FORM AND INTERPRETATION.

§ 1. Requirements of negotiable instruments. An instrument to be negotiable must conform to the following requirements: (1) It must be in writing and signed by the maker or drawer; (2) must contain an unconditional promise or order to pay a sum certain in money; (3) must be payable on demand or a fixed or determinable future time; (4) must be payable to order of a specified person or to bearer; and (5) where the instrument is addressed to a drawee, he must be named or otherwise indicatea therein with reasonable certainty. (Acts 1907, Reg. Sess., c. 81.)

§ 2. When sum payable is a sum certain. The sum payable is a sum certain within the meaning of this act, although it is to be paid: (1) with interest; or (2) by stated installments; or (3) by stated installments, with a provision that upon default in payment of any installment or of interest the whole shall become due; or (4) with exchange, whether at a fixed rate or at the current rate; or (5) with cost of collection or an attorney's fee in case payment shall not be made at maturity. (Acts 1907, Reg. Sess., c. 81.

§ 3. When order or promise to pay is unconditional.-An unqualified order or promise to pay is unconditional within the meaning of this act though coupled with, (1) an indication of a particular fund out of which reimbursement is to be made, or a particular account to be debited with the amount; or (2) a statement of the transaction which gives rise to the instrument. But an order or promise to pay out of particular fund is not unconditional. (Acts 1907, Reg. Sess., c. 81.)

§ 4. When instrument is payable at determinable future time. -An instrument is payable at a determinable future time within the meaning of this act which is expressed to be payable, (1) at a fixed period after date or sight; or (2) on or before a fixed or determinable future time specified therein; or (3) on or at a fixed period after the occurrence of a specified event which is certain to happen, though the time of happening be uncertain.

An instrument payable upon a contingency is not negotiable, and the happening of the event does not cure the defect. Acts 1907, Reg. Sess., c. 81.)

§ 5. Facts affecting negotiability.—An instrument which contains an order or promise to do any act in addition to the payment of money is not negotiable; but the negotiable character of an instrument otherwise negotiable is not affected by a provision which, (1) authorizes the sale of collateral securities in case the instrument be not paid at maturity; or (2) authorizes a confession of judgment if the instrument be not paid at maturity; or (3) waives the benefit of any law intended for the advantage or protection of the obligor; or (4) gives the holder an election to require something to be done in lieu of payment of money. But nothing in this section shall validate any provision or stipulation otherwise illegal. (Acts 1907, Reg. Sess., c. 81. )

§ 6. Same. The validity and negotiable character of an instrument are not affected by the fact that, (1) it is not dated; or (2) does not specify the value given, or that any value has been given therefor; or (3) does not specify the place where it is drawn or the place where it is payable; or (4) bears a seal; or (5) designates a particular kind of current money in which payment is to be made. But nothing in this section shall alter or repeal any statute requiring in certain cases the nature of the consideration to be stated in the instrument. (Acts 1907, Reg. Sess., c. 81.)

§ 7. When instrument payable on demand.—An instrument is payable on demand, (1) where it is expressed to be payable on demand, or at sight, or on presentation; or (2) in which no time for payment is expressed. Where an instrument is issued, accepted or indorsed when over due, it is as regards the person so issuing, accepting or indorsing it, payable on demand. (Acts 1907, Reg. Sess., c. 81.)

§ 8. When payable to order. The instrument is payable to order where it is drawn payable to the order of a specified person or to him or his order. It may be drawn payable to the order of, (1) a payee who is not maker, drawer or drawee; or (2) the drawer or maker; or (3) the drawee; or (4) two or more payees jointly; or (5) one or more of several payees;

or (6) the holder of an office for the time being. Where the instrument is payable to order the payee must be named or otherwise indicated therein with reasonable certainty. (Acts 1907, Reg. Sess., c. 81.)

§ 9. When payable to bearer. The instrument is payable to bearer, (1) when it is expressed to be so payable; or (2) when it is payable to a person named therein or bearer; or (3) when it is payable to the order of a fictitious or non-existing person and such fact was known to the person making it so payable; or (4) when the name of the payee does not purport to be the name of any person; or (5) when the only or last indorsement is an indorsement in blank. (Acts 1907, Reg. Sess., c. 81.)

§ 10. Language of statute not essential. The negotiable instrument need not follow the language of this act, but any terms are sufficient which clearly indicate an intention to conform to the requirements thereof. (Acts 1907, Reg. Sess., c. 81.)

§ 11. Date: as prima facie evidence. When the instrument or an acceptance or any indorsement therein is dated, such date is deemed prima facie to be the true date of the making, drawing, acceptance or endorsement as the case may be. (Acts 1907, Reg. Sess., c. 81.)

§ 12. Same: instrument ante-dated or post-dated. The instrument is not invalid for the reason only that it is ante-dated or post-dated, provided this is not done for an illegal or fraudulent purpose; the person to whom an instrument so dated is delivered acquires the title thereto as of the date of delivery. (Acts 1907, Reg. Sess., c. 81.)

§ 13. Same: insertion of date.--Where an instrument expressed to be payable at a fixed period after date is issued undated or where the acceptance of an instrument payable at a fixed period after sight is undated, any holder may insert therein the true date of issue or acceptance and the instrument shall be payable accordingly; the insertion of a wrong date does not avoid the instrument in the hands of a subsequent holder in due course, but as to him, the date so inserted is to be regarded as the true date. (Acts 1907, Reg. Sess., c. 81.)

§ 14. Incomplete instrument: filling blanks.-Where the instrument is wanting in any material particular, the person in possession thereof has a prima facie authority to complete it by filling up the blanks therein; and a signature on a blank paper delivered by the person making the signature in order that the paper may be converted into a negotiable instrument operates as a prima facie authority to fill it up as such for any amount; in order, however, that any such instrument when completed may be enforced ågainst any person who became a party thereto prior to its completion it must be filled up strictly in accordance with the authority given and within a reasonable time; but if any such instrument after completion, is negotiated to a holder in due course it is valid and effectual for all purposes in his hands and he may enforce it as if it had been filled up strictly in accordance with the authority given and within a reasonable time. (Acts 1907, Reg. Sess., c. 81.)

§ 15. Same: delivery essential to validity.-Where an incomplete instrument has not been delivered it will not, if completed and negotiated without authority, be a valid contract in the hands of any holder as against any person whose signature was placed thereon before delivery. (Acts 1907, Reg. Sess., c. 81,)

§ 16. Delivery: who must make; explanation by parol evidence; presumptions. Every contract on a negotiable instrument is incomplete and revocable until delivery of the instrument for the purpose of giving effect 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, drawing, accepting or indorsing as the case may be; and in such case 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 a holder in due course, a valid delivery thereof by all parties prior to him so as to make them liable to him, is conclusively presumed; and where the instrument is no longer in the possession of a party whose signature appears thereon, a valid and intentional delivery by him is presumed until the contrary is proved. (Acts 1907, Reg. Sess., c. 81.)

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