THE NEGOTIABLE INSTRUMENTS LAW. The Law has been enacted in the following states and territories: ALABAMA. -Laws 1907, Chap. 722 (in effect January 1, 1908); Code 1907, Chap. 115, Secs. 4958-5149. ARIZONA. - Rev. Stat. 1901, p. 852, title 49 of Civil Code, Secs. 3304-3491 (in effect September 1, 1901); Laws 1905, Chap. 23. COLORADO. - Laws 1897, Chap. 64 (approved April 20, 1897); Rev. Stat. 1908, pp. 1104-1126, Secs. 4464-4659. CONNECTICUT. - Laws 1897, Chap. 74 (approved Apr. 5, 1897); Genl. Stat. U. S. 1901; Laws U. S. 1902, Secs. 1304-1493. FLORIDA. - Laws 1897, Chap. 4524 (approved June 1, 1897); Genl. Stat. 1906, p. 1147; Secs. 2394-3099. - Laws 1907, Act 89, p. 118 (approved Apr. 20, 1907). HAWAII. - ILLINOIS. Laws 1907, p. 403 (approved June 5, 1907). IOWA. - Laws 1902, Chap. 130 (approved Apr. 12, 1902); Laws 1906, Chap. 149; Code Supp. 1902, p. 352, Chap. 3-A, Secs. 3060-al-3060-a198. KANSAS.-Laws 1905, Chap. 310 (in effect June 8, 1905); Genl. Stat. 1905, p. 967, Chap. 70, Secs. 4533-4732. KENTUCKY. — Laws 1904, Chap. 102 (approved March 24, 1904). MARYLAND. — Laws 1898, Chap. 119 (approved March 29, 1898). MASSACHUSETTS. -Laws 1898, Chap. 533 (in effect January 1, 1899); Laws 1899, Chap. 130; Rev. Laws 1902, p. 628, Chap. 73, Secs. 18-212; Laws 1910, Chap. 417. MICHIGAN.-Laws 1905, Chap. 265 (approved June 16, 1905). MISSOURI. Laws 1905, p. 243 (approved Apr. 10, 1905); Laws 1907, P. 366. Laws 1903, Chap. 121 (in effect March 7, 1903). ΜΟΝΤΑΝΑ. NEBRASKA. -- Laws 1905, Chap. 83 (in effect August 1, 1905); Comp. Stat. 1907, Chap. 41, Secs. 3558-a1-3558-a198. NEVADA. Laws 1907, Chap. 62 (in effect May 1, 1907). NEW HAMPSHIRE. - Laws 1909, Chap. 123 (in effect January 1, 1910). Laws 1902, Chap. 184 (approved April 4, 1902); Laws 1908, NEW MEXICO. -Laws 1907, Chap. 83 (approved March 21, 1907). NEW YORK. Laws 1897, Chap. 612; (in effect October 1, 1897); Laws 1898, Chap. 336; Laws 1904, Chap. 287; Cons. Laws, 1909, Chap. 43. NORTH CAROLINA. - Laws 1899, Chap. 733 (in effect March 8, 1899); Laws 1905, Chap. 327; Laws 1907, Chap. 807; Revisal, 1905, p. 655, Chap. 54, Secs. 2151-2346. NORTH DAKOTA. Laws 1899, Chap. 113 (approved March 7, 1899); Civil Code, 1905, p. 1002, Chap. 90, Secs. 6303-6498. OHIO. - Laws 1902, p. 162 (in effect January 1, 1903); Bates' Annot. Stat. (5th ed.), pp. 1800a-1807, Secs. 3171-3178e. OKLAHOMA.— Laws 1909, Chap. 24 (approved March 20, 1909); Comp. Laws, 1909, Chap. 69, p. 1044, Secs. 4435-4624. OREGON. Laws 1899, p. 18 (approved February 16, 1899); Ballinger & Cotton's Annot. Codes & Stat., p. 1440, Secs. 4403-4594. PENNSYLVANIA. - Laws 1901, No. 162 (in effect September 2, 1901); Laws 1909, No. 169, p. 260. RHODE ISLAND. - Laws 1899, Chap. 674 (in effect July 1, 1899); Gen. Laws 1909, p. 648, Chap. 200. TENNESSEE. - Laws 1899, Chap. 94 (in effect May 16, 1899). UTAH. Laws 1899, Chap. 83 (in effect July 1, 1899). -Laws 1898, Chap. 866 (approved March 3, 1898); Laws 1906; Chap. 219; Code, 1904, Chap. 133a, Sec. 2841a. WASHINGTON. - Laws 1899, Chap. 149 (in effect March 22, 1899); Remington & Ballinger's Annot. Codes and Stat., Vol. 2, p. 120, Secs. 3392-3586. WEST VIRGINIA. Laws 1907, Chap. 81 (in effect January 1, 1908) WISCONSIN. Laws 1899, Chap. 356 (in effect May 15, 1899); Laws 1901, Chap. 41; Laws 1905, Chap. 262; Laws 1907, Chap. 361. WYOMING. Laws 1905, Chap. 43 (approved February 15, 1905); Comp. Stat. 1910, Chap. 210, Secs. 3159-3354. EXPLANATORY NOTE. THE text is that of the New York Negotiable Instruments Law. The material in the notes in brackets is taken from the notes of the draftsman of the act (J. J. Crawford, Esq.), as they appeared in the draft printed by the Commissioners on Uniformity of Laws. The reference, "Pages x-x is to the "Cases and Authorities contained in Part I of this volume. The reference Chalmers is to Chalmers' Bills of Exchange Act (5th ed.), London, 1896. The reference to " Daniel " is to Daniel on Negotiable Instruments. THE NEGOTIABLE INSTRUMENTS LAW. LAWS OF NEW YORK, 1909, CHAPTER 43.1 AN ACT in relation to negotiable instruments, constituting chapter thirty-eight of the consolidated laws. Became a law February 17, 1909, with the approval of the Governor. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: IX. NOTICE OF DISHONOR. (§§ 160-189.) X. DISCHARGE. (§§ 200-206.) XI. BILLS OF EXCHANGE; FORM AND INTERPRETATION. (§§ 210-215.) (§§ 320-326.) XVIII. PROMISSORY NOTES AND CHECKS. XIX. NOTES GIVEN FOR PATENT RIGHTS AND FOR A SPECULATIVE CON SIDERATION. (§§ 330-332.) XX. LAWS REPEALED; WHEN TO TAKE EFFECT. (§§ 340-341.) of articles 2 to 19; a few additional errors were corrected, and a few verbal changes made. The existing act, however, is for all practical purposes the same as when it was originally enacted except for the addition of § 326 by L. 1904, c. 287.-C. 1 The uniform Negotiable Instru- thus changing the original numbering ments Law was originally enacted in New York by L. 1897, c. 612. Certain errors, most of them manifest on the face of the act itself, were corrected by L. 1898, c. 336. When it was in corporated into the consolidated laws in 1909, sections 3 to 7 were made into a separate article, numbered 2, SECTION 1. Short title. 2. Definitions. § 1. Short title. ARTICLE I. SHORT TITLE: DEFINITIONS. This chapter shall be known as the "Negotiable Instruments Law." § 2. Definitions. In this chapter, 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. 66 "" Person includes a body of persons, whether incorporated or Value means valuable consideration. "Written" includes printed, and "writing" includes print. See Bills of Exchange Act, section 2. ARTICLE II. GENERAL PROVISIONS. SECTION 3. Person primarily liable on instrument. 4. Reasonable time, what constitutes. 5. Time, how computed; when last day falls on holiday. 6. Application of chapter. 7. Law merchant; when governs. 2 Pages 180, 189, |