272

BILLS OF EXCHANGE AND PROMISSORY NOTES. [ART. 13

Ibid. sec. 14. 1898, ch. 119.

14. In this act, unless the context otherwise requires:

"Acceptance" means an acceptance completed by delivery or notifi-
cation.

"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 promis-
sory note.

"Delivery" means transfer of possession, actual or constructive, from
one person to another.

"Holder" means the payee or endorsee 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.

1904. art. 13, sec. 15. 1898. ch. 119.

15. 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.

This section makes a party who in reality is a surety, but who, by the
terms of the instrument, is required to pay it, primarily liable. Vander-
ford v. Farmers" Bank. 105 Md. 167.

Ibid. sec. 16. 1898, ch. 119.

16. In determining what is a "reasonable time" or an "unreason-
able 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.

Ibid. sec. 17. 189S. ch. 119.

17. Where the day, or the last day, for doing any 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.
See sec. 105.

Ibid. sec. 18. 1898. ch. 119.

18. The provisions of this act do not apply to negotiable instru-
ments made and delivered prior to the passage hereof.

Ibid. sec. 19. 1898. ch. 119.

19. In any case not provided for in this act, the rules of the law
merchant shall govern.

Upon the adoption of this act, all laws inconsistent with the pro-
visions hereof are hereby expressly repealed.