BILLS OF EXCHANGE AND PROMISSORY NOTES 467

An. Code, 1924, sec. 15. 1912, sec. 15. 1904, 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. Vanderford v. Farmers' Bank,
105 Md. 167. And see Jamesson v. Citizens Bank, 130 Md. 79.

This section referred to; see notes to sec. 39. Belmont Dairy Co. v. Thrasher, 124
Md. 326.

This section referred to in construing sec. 48. Coffee Co. v. Page, Receiver, 161
Md. 506.

See notes to sec. 85.

An. Code, 1924, sec. 16. 1912, sec. 16. 1904, sec. 16. 1898, ch. 119.

16. 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.

This section referred to in construing art. 11, sec. 113. Title Guarantee Co. v. Alter,
167 Md. 247.

An. Code, 1924, sec. 17. 1912, sec. 17. 1904, sec. 17. 1898, 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.

Cited in dissenting opinion in Ghingher v. Pearson, 165 Md. 312.

See sec. 105.

An. Code, 1924, sec. 18. 1912, sec. 18. 1904, sec. 18. 1898, ch. 119.

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

This section referred to as having been applied in Keyser v. Warfield, 100 Md. 72,
and 103 Md. 161. Lightner v. Roach, 126 Md. 477.

This section applied. Citizens' Nat. Bank v. Custis, 153 Md. 241.

An. Oode, 1924, sec. 19. 1912, sec. 19. 1904, sec. 19. 1898, ch. 119.

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

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hereof are hereby expressly repealed.

CHAPTER II.—Negotiable Instruments in General—Form and

Interpretation.

An. Code, 1924, sec. 20. 1912, sec. 20. 1904, sec. 20. 1898, ch. 119.

20. 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 at a fixed or determinable future
time;

4. Must be payable to order or to bearer; and

5. Where the instrument is addressed to a drawee, he must be named or
otherwise.indicated therein with reasonable certainty.