IN A SET CONSTITUTE ONE BILL.] § 178. Where a bill is drawn in a set, each part of the set being numbered and containing a reference to other parts, the whole of the parts constitute one bill.

ΤΟ DIFFERENT

[PARTS OF SET NEGOTIATED HOLDERS—TRUE OWNER.] § 179. 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.

[HOLDER INDORSING MORE THAN ONE PART LIABLE ON ALL SUCH.] § 180. 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.

[ACCEPTANCE ON MORE THAN ONE PART.] § 181. 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.

[ACCEPTOR LIABLE ON OUTSTANDING PART ACCEPTED BY HIM.] § 182. 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.

[PAYMENT OF ONE PART DISCHARGES ALL.] § 183. 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.

TITLE III.-PROMISSORY NOTES AND CHECKS.

ARTICLE I.

[WHAT IS A NEGOTIABLE PROMISSORY NOTE.] § 184. 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 maker, engaging to pay on demand or at a fixed or determinable future time, a sum certain in money to order or to bearer. Where a note is drawn to the maker's own order, it is not complete until indorsed by him.

[WHAT IS A CHECK.] § 185. A check is a bill of exchange drawn on a bank payable on demand. Except as herein otherwise provided, the provisions of this act are applicable to a bill of exchange payable on demand apply to a check.*

[REQUISITE ACTION ON CHECKS, PRESENTMENT, NOTICE, ETC.] § 186. A check must be presented for payment within a reasonable time after its issue, and notice of dishonor given to the drawer as provided for in the case of bills of exchange, or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay.

[CERTIFICATION EQUIVALENT TO ACCEPTANCE.] § 187. Where a check is certified by the bank on which it is drawn, the certification is equivalent to an acceptance.

[CERTIFICATION DISCHARGES ALL DRAWERS AND INDORSERS.] § 188. Where the holder of a check procures it to be accepted or certified, the drawer and all indorsers are discharged from liability thereon.

[CHECK DOES NOT OPERATE AS ASSIGNMENT OF FUND UNTIL ACCEPTANCE.] § 189. A check of *Note.-As per copy.

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.

TITLE IV.-GENERAL PROVISIONS.

ARTICLE I.

[TITLE OF ACT.] 190. This act shall be known as the Negotiable Instrument Law.

[MEANING OF WORDS USED IN ACT.] § 191. In this act, unless the context otherwise requires:

"Acceptance" means an acceptance completed by delivery or notification.

"Action" includes counter-claim 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.

[PERSON PRIMARILY LIABLE.] § 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.

[REASONABLE TIME.] § 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.

[TIME PRESCRIBED SUNDAYS AND HOLIDAYS, ETC.] § 194. 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.

[PROVISIONS OF ACT NOT TO APPLY TO PREVIOUSLY GIVEN INSTRUMENTS.] § 195. The provisions of this act do not apply to negotiable instruments made and delivered prior to the passage hereof.

[LAW MERCHANT TO GOVERN CASES NOT PROVIDED IN THIS ACT.] § 196. In any case not provided for in this act, the rules of the law merchant shall govern.