Cottle v. Sanders

The legal effect of the failure (before it was executed and delivered) to express in the note a time for the payment thereof was to make it payable on demand. Section 7, art. 5932, R.S. 1925. The legal effect of the alteration accomplished by adding the words, "On or before October 1st," was to change the due date of the note. Hence the alteration was a material one. Section 125, art. 5939, R.S. 1925. The legal effect of materially altering a negotiable instrument "without the assent of all parties liable thereon" is to avoid it, "except as against a party who has himself made, authorized or…