ART. 13] GENERAL PROVISIONS. '327

"Delivery" means transfer of possession, actual or construc-
tive, 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.

16. 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
"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.

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.

10. 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provisions hereof are hereby expressly repealed.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 most conform to the
following requirements:

1. It must be in writing and signed by the maker or drawer ;