consideration. "Written" includes printed, and "writing" includes print. (Acts 1907, Reg. Sess., c. 81.)

§ 192. The person "primarily" liable on an 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. 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 instruments and the facts of the particular case. (Acts 1907, Reg. Sess., c. 81.)

§ 194. When time for act falls on Sunday or holiday.—Where the day, or the last day, for doing an act herein required or permitted to be done falls on Sunday or on a holiday, the act may be done on the next succeeding secular or business day. (Acts 1907, Reg. Sess., c. 81.)

§ 195. Existing instruments.-The provisions of this act do not apply to negotiable instruments made and delivered prior to the taking effect of this act, and this act shall not take effect until January 1st, 1908. (Acts 1907, Reg. Sess., c. 81.)

§ 196. Law merchant to supplement act.—In any case not provided for in this act, the rules of the law merchant shall govern. (Acts 1907, Reg. Sess., c. 81.)

§ 197. Repeal.-Section nine of chapter ninety-nine of the code of West Virginia and all acts and parts of acts in conflict herewith are hereby, to that extent, repealed. (Acts 1907, Reg. Sess., c. 81.)

CHAPTER 7.

LIENS AND CONTRACTS.

§ 1. Form of deed of trust.-A deed of trust to secure debts or indemnify sureties, may be in the following form or to the same effect: "This deed made the

the year part, and

between

day of

in

(the grantor) of the one

(the trustee) of the other part, witnesseth:

That the said

(the grantor) doth (or do) grant unto (the trustee) the following property (here

the said describe it). In trust to secure (here describe the debts to be secured or the sureties to be indemnified, and insert covenants, or any other provisions the parties may agree upon.) Witness

the following signatures and seals (or signature and seal.) (Code 1916, c. 72.)

§ 2. Sales under trust deeds.-The trustee in any such deed shall, whenever required by any creditor secured or any surety indemnified by the deed, or the personal representative of any such creditor or surety, after the debt due to such creditor or for which such surety may be liable, shall have become payable and default shall have been made in the payment thereof, or any part thereof, by the grantor, sell the property conveyed by the deed, or so much thereof as may be necessary, at public auction, upon such terms as are mentioned in said deed; and if no terms are therein mentioned, then upon the following terms, to-wit: If the property to be sold be real estate, one-third of the purchase money cash in hand, one-third thereof with interest in one year, and the residue thereof, with interest, in two years from the day of sale, taking from the purchaser his notes, with good security, for the deferred payments, and retaining the legal title as further security; the legal title may be conveyed, reserving in the deed a lien for the deferred purchase money, or otherwise securing the same; and if the property to be sold be personal estate, then for cash, having first given notice of such sale as hereinafter prescribed; and shall apply the proceeds of sale, first to the payment of expenses attending the execution of the trust, including a commission to the trustee of five per centum on the first three hundred dollars, and two per centum on the residue of the proceeds, then pro rata (or in the order of priority, if any prescribed by the deed) to the payment of the debts secured and the indemnity of the sureties indemnified by the deed, and shall pay the surplus, if any, to the grantor, his heirs, personal representatives or assigns; Provided, That no trustee shall receive any of the proceeds of such sale until he, if required by the grantor or any cestui que trust, give bond in a penalty equal at least to the full value of the property to be sold, with good security, before the clerk of the county court of the county where said property is, conditioned that he will faithfully perform his

duty as such trustee, and account for and pay over as required by law, all money that may come into his hands in the execution of such trust. And no sale shall be made by such trustee, who is required to give bond, until such bond and security has been given and approved by the clerk; and every notice of such sale shall have appended to it the certificate of such clerk that bond and security has been given by the trustee as required by law, if such bond be required as aforesaid. The grantor, or any cestui que trust, may at any time after the execution of the trust, by notice in writing, require any trustee to give such bond, and upon his failure to do so for twenty days after such notice, the power of such trustee shall cease, and another trustee may be appointed by the circuit court of any county wherein such deed of trust is recorded, or by the judge thereof in vacation, to execute said trust, upon the application of any cestui que trust, or the grantor, if, upon the hearing of such application, the failure of the trustee to give such bond be made to appear to the satisfaction of such court or judge, by affidavit or otherwise. At least ten days' notice in writing of such application shall be given to the trustee, grantor and to all cestuis que trust in such deed if they be residents of the county, stating the court or judge. before whom such application is to be made. If the said trustee and grantor, or either of them, are not residents of such county, the notice as to them, or the one not a resident, may be published for two successive weeks in some newspaper published in such county, or in some newspaper of general circulation therein, if none be published in the county. Of the trustee so appointed, bond shall be required in the penalty of at least the full value of the property which may come into his hands, which bond may be given before and approved by the said court or judge, or be given before and approved by the clerk of the county court of such county, upon the order of such circuit court or judge, and shall be recorded as above provided as to the bond given by a trustee named in such deed, and shall be with like condition. Every such bond shall be filed by said clerk in his office, and recorded by him in the book in which the bonds of the administrators are recorded. Every such notice of sale shall show the following particulars: (1) The time and place of sale; (2) the names of the parties to the deed under which it will be made; (3) the date of the deed; (4) the office and book in which it is recorded; (5) the quantity and description of the land or other

property, or both, conveyed thereby; and (6) the terms of sale. And in all cases where a debtor conveys all his property to a trustee for the benefit of his creditors; or where he conveys all his property except what is exempt from execution or other process, every such trustee shall settle his accounts before a commissioner of accounts of the county in which such bond is recorded, and the provisions of chapter eighty-seven of the Code of West Virginia, as amended, shall apply to such settlement as far as applicable. (Code 1916, c. 72.)

§ 3. Qualification of trustee of insolvent; appraisal of estate.— That a person appointed by an insolvent debtor as trustee in any assignment, conveyance, transfer, or other act of such insolvent debtor, which is intended to operate as an assignment of all such debtor's property for the benefit of all of his creditors, or which does so operate under the laws of this state, shall not have the power of such trustee until he qualifies as such by taking an oath and giving a bond in a penalty double the amount of the ascertained estate, with sufficient surety, before the clerk of the county court of the county in which such assignment, conveyance, transfer or other instrument is or should be recorded, or such act is done, in the manner and with the effect as a personal representative of the estate of a decedent is qualified. And in case such person so appointed trustee by such insolvent debtor fails or refuses to so qualify the said county court shall appoint such trustee upon the application of any person interested. The oath of such trustee shall be that he will faithfully perform the duties of the office of trustee to the best of his skill and judgment, and will account for and pay over all money that comes to his hands as such trustee. Said bond shall be approved by said court, and conditioned that said trustee shall faithfully perform the duties of trustee to the best of his skill and judgment and account for and pay over all money that may come to his hands as such trustee. Upon the qualification of such trustee, there shall be appraisers appointed to appraise the estate of the insolvent debtor in the same manner and by the same authority that appraisers are appointed for the estate of a decedent, and such appraisers shall be governed by the same laws and perform the same duties that appraisers of the estate of a decedent are governed by and are required to perform. And all such trustees as aforesaid shall appear before some one of the commissioners

of accounts of the county court before which he qualified as such trustee and lay before such commissioner a report of his receipts and disbursements, and his vouchers for the same, in all respects and with like effect as is provided for fiduciaries generally by chapter 87 of the code of West Virginia. In the vacation of the county court, the clerk thereof shall perform the duties in the appointment and qualification of such trustee, and the appointment of the appraisers, that said clerk is now required by law to perform in the appointment and qualification of personal representatives of decedents, and appraisers of their estates. (Code 1916, c. 72.)

§ 4. Notice of trust sale.-When any property is about to be sold under a deed of trust, the trustee shall, unless it be otherwise provided in the deed of trust, or in the opinion of the trustee the property to be sold be of less value than three hundred dollars, publish a notice of such sale in some newspaper published in the county, if there be one which will publish the notice at the rates prescribed by law. Such notice shall be published at least once a week for four succesive weeks preceding the day of sale, and a copy of such notice shall be posted at the front door of the court house for a like period; but if there be no newspaper published in the county, or if there be none that will publish such notice at the rates prescribed by law, or if in the opinion of the trustee, the property be of less value than three hundred dollars, such a notice of sale shall be posted at least thirty days prior thereto on the front door of the court house of the county in which the property to be sold is, and at three other public places at least in the county, one of which shall be as near the premises to be sold (in case the sale be of real estate) as practicable; and in all cases, whether the notice be published or not, a copy of such notice shall be served on the grantor in the deed, or his agent or personal representative, if he or they be within the county, at least twenty days prior to the sale. (Code 1916, c. 72.)

§ 5. Form of trustee's deed. Every deed for real estate sold under a deed of trust may be made in the following form, or to the same effect: