TITLE IV.-GENERAL PROVISIONS. ARTICLE I. Section 190. Definition and meaning of terms. 191. Person primarily liable on instrument; 192. Reasonable time, what constitutes. 194. Application of chapter. 195. Inconsistent laws repealed. § 190. Definitions and Meaning of Terms.-In this act, unless the context otherwise requires: "Acceptance" means an acceptance completed by delivery or notification. “Action” includes counterclaim 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 promissory note. "Delivery" means transfer of possession, actual or constructive, from one person to another. "Holder" means the payee or indorsee of a bill or note, who is in possession of it, or the bearer thereof. Note. The numbers of the sections of this article in other States than Kentucky are as follows: Sections 190-194 are in Colorado, Idaho, Iowa, Massachusetts, Montana, New Jersey, North Carolina, North Dakota, Pennsylvania, Utah, Virginia and Washington, 191-195; Maryland, 14-18; New York, 2-6; Ohio, 3178a-3178d; Oregon, 190-192; Rhode Island, 2-6; Wisconsin, 1675. In Arizona, District of Columbia, Florida and Tennessee, the sections of this article are not numbered. "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. § 191. Persons Primarily Liable on Instrument; Person Secondarily Liable. 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 persons are "secondarily" liable (a). (a) The maker of an accommodation note is not relieved from liability by an extension of the time of payment given to the indorser without his consent, he being, under sections 29 and 191, the "person primarily liable" and absolutely required to pay. Nat. Citizens' Bank v. Toplitz, 81 N. Y. S., 422; 81 App. § 192. Reasonable Time, What Constitutes.-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. Norton, B. & N., 343. § 193. Time, How Computed, When Last Day Falls on Sunday or Holiday.-Where the day, or the last day for doing an 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 (a). (a) This Act was passed, that was approved by the Governor quired the act to be done on the next preceding business day. As to what days are holidays in Kentucky, see note (b) to section 85. § 194. Application of Chapter.-The provisions of this act do not apply to negotiable instruments made and delivered prior to the passage hereof (a). (a) This Act was passed, that is, was approved by the Governor of Kentucky March 25, 1904. As it had no "emergency clause," it did not, under section 55 of the Constitution, become a law until June 13, 1904, ninety days after the adjournment of the Assembly. The words, "prior to the passage hereof," are equivalent to "before the time when this Act shall become a law." Lucas, ex parte, 160 Mo., 218; Harding v. People, 10 Colo., 387. State v. Bemis, 45 Neb., 724; Charless v. Lumberson, 1 Iowa, 435; Rogers v. Vass, 6 Iowa, 405; Osborn v. Charlevoix, 72 N. W. (Mich.) 982. § 195. Inconsistent Laws Repealed.-All laws inconsistent with this act are hereby repealed.* *The Negotiable Instruments Law in all other States that have adopted it contains this provision: "In any case not provided for in this Act, the rules of the law merchant shall govern." The New York and Ohio Acts add an additional article which, in both States (New York, section 330, Ohio, section 3178g) makes a provision substantially the same as that of section 4223, Ky. Stats., concerning notes given for patent rights. The New York Act contains a further provision (section 331) concerning notes "given for a speculative consideration," and a provision (section 332) as to the manner in which negotiable corporate or municipal bonds may be made non-negotiable. |