ART. 13] DEFINITIONS——FORM AND INTERPRETATION. 23

"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.

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.

16. In determining what is a "reasonable time" or an "unrea-
sonable 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.

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.

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

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
provisions hereof are hereby expressly repealed.

CHAPTER II—Negotiable Instruments in General. Form and!

Interpretation.

20. An instrument to be negotiable must conform to the fol-
lowing requirements: