228 LAWS OF MARYLAND.

141. The holder may expressly renounce his rights against
any party to the instrument, before, at, or after its maturity.
An absolute and, unconditional renunciation of his rights
against the principal debtor made at or after the maturity of
the instrument discharges the instrument. But a renunciation
does not affect the rights of a holder in due course without
notice. A renunciation must be in writing, unless the instru-
ment is delivered up to the person primarily liable thereon.

142. A cancellation made unintentionally, or under a mis-
take, or without the authority of the holder, is inoperative;
but where an instrument or any signature thereon appears to
have been cancelled the burden of proof lies on the party who
alleges that the cancellation was made unintentionally, or under
a mistake, or without authority.

143. Where a negotiable instrument is materially altered
without the assent of all parties liable thereon, it is avoided,
except as against a party who has himself made, authorized, or
assented to the alteration and subsequent indorsers.

But when an instrument has been materially altered and is
in the hand of a holder in due course, not a party to the alter-
ation, he may enforce payment thereof according to its original
tenor.

144. Any alteration which changes :

1. The date;

2. The sum payable, either for principal or interest;

3. The time or place of payment;

4. The number or the relations of the parties ;

5. The medium or currency in which payment is to be made.
Or which adds a place of payment where no place of pay-
ment is specified, or any other change or addition which alters
the effect of the instrument in any respect, is a material alter-
ation.

CHAPTER X.

BILLS or EXCHANGE; FORM AND INTERPRETION.
Index to Chapter X.

145. Bill of exchange defined. 146. Bill not an assignment of funds in hands of drawee. 147. Bill addressed to more than one drawee.

148. Inland and foreign bills of exchange. 149. When bill may be treated as promissory note. 150. Referee in case of need.

145. A bill of exchange is an unconditional order in writing
addressed by one person to another, signed by the person giving
it, requiring the person to whom it is addressed to pay on