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Acceptance Consid Ered
Acceptance Consid Ered. Generally Speaking, No One But The Drawee Can Accept A Bill, And A Stranger Accepting Will Either Not Be Bound At All Or, If There Is Suffi Cient Consideration, As A Guarantor (keenan V. Nash, 8 Minn., 409; Story On Bills, Sec 254.) This Does Not Apply ...

Accommoda Tion Paper
Accommoda Tion Paper. An Accommodation Paper Or Bill Indicates That The Principal Debtor, Maker Or Acceptor, Is Lending His Name For The Benefit Of Some Other Person Who May Or May Not Be A Party To The Instrument. Thus A Draws A Bill On B. B Accepts It To Accommodate ...

Account Paid By Check
Account Paid By Check Not Discharged Until The Check Is Paid. It Is The Invariable Rule Of Law That When A Check Is Given In Payment Of A Debt It Does Not Con Stitute An Absolute Discharge Of That Debt Until It Is Paid. (smith V. Miller, 43 N. Y., ...

Act Or Amount Limitations
Limitations Of Surety's Contract As Regards Time, Act Or Amount. When A Person Is Surety For The Hon Esty Of Another In An Office Of Limited Duration, To Which He Has Been Appointed For A Limited Time Only, Such Surety Is Not Bound Beyond That Period, Though The Officer Is ...

Alien Enemy Cannot Be
Alien Enemy Cannot Be A Party To Commercial Paper. Every Bill Or Note Attempted To Be Negotiated Between Parties Whose Respective Countries Are At War With Each Other, Is Void, And Cannot Be Enforced During Or After The Close Of Hostilities. (ward V. Smith, 7 Wall., 447.) The Two Hostile ...

And By Notice Revocation
Revocation Of Guaranty On Death Of Guarantor, And By Notice. Unless The Obligation Of The Surety Is A Bare Authority, And Not A Contract It Will Not Be Revoked By His Death. It Is A Valid Obligation Against The Estate Of The Surety The Same As Though He Were Alive. ...

And Defenses On Municipal
Actions On Bonds And Cou Pons, And Defenses On Municipal Bonds. In Case The Holder Is The Owner Of Both Bond And Coupons He May Bring An Action In His Own Name On Both Bond And Coupons. (soc. For Savings V. City Of N. London, 29 Conn., 175.) And The ...

And Deliver Bill Duty
Duty Of Holder To Accept Payment, And Deliver Bill. Upon Pay Ment From The Drawee Or Acceptor It Is The Duty Of The Holder To Deliver Up The Bill Or Note, Except, Perhaps, Upon Proof Of Its Destruction When He Can Not Do So. The Surrender Is Desired As It ...

And For Rent When
Liability Of Surety For Payment Of Overdue Notes, And For Rent When Tenant Holds Over. Though A Note Is Past Due, And The Guaranty Is To Pay The Note "when Due," Or "according To Its Tenor," The Guarantor Is Bound, And Is Considered To Have Stipulated To Answer For The ...

And His Obligation May
Surety May Be Bound Though Name Not In Body Of Writing, And His Obligation May Arise By Impli Cation. Where The Intention Is Clear From The Writing And Signature Who Is The Surety, It Is Not Necessary That The Name Of The Surety Appear In The Body Of The Instrument. ...

And Protest Of Checks
Presentment For Payment, And Protest Of Checks. As Regards The Liability Of Indorsers, Presentment For Payment, Notice Of Dishonor And Protest, Are Duties To Be Per Formed By The Holder Of A Check, With Equal Or Greater Precision And Dispatch Than. In The• Case Of Other Commercial Paper. Protest Of ...

And Receive Payment Who
Who May Make, And Receive Payment. All Parties To The Bill, Primarily Or Secondarily Liable To It, May Make Or Offer Pay Ment. A Mere Stranger To The Paper Cannot Make Payment Without The Consent Of The Holder Unless He Represents A Party Liable Thereon, Or Makes Payment Supra Protest. ...

Bills Of Exchange Defined
Bills Of Exchange Defined. A Bill Of Exchange Is Defined By Blackstone To Be "an Open Letter Of Request From One Man To Another, Desiring Him To Pay A Sum Of Money Therein Named To A Third Person On His Account." (2 Corn. 466.) Later Definitions Only Improve On Blackstone ...

Bills Of Lading As
Bills Of Lading As Nego Tiable Instruments. "a Bill Of Lading Is Very Often Called A Negotiable Instrument. But, Although It Does Possess Some Of The Qualities Of Negotiability, It Is Not Strictly One Independently Of Statute, And Is More Properly Described As Quasi Neevtiable." While A Bill Of Lading ...

Bills That Must Be
Bills That Must Be Pre Sented For Acceptance. All Bills Pay Able On A Future Date, Or A Specified Time After Date, Or On Demand, Need Not Be Presented Until They Mature And Are Payable. But Such Bills May Be Presented Before Due To Ascertain If They Will Be Honored, ...

Bona Fide Holders
Bona Fide Holders. As Against Original Parties To Com Mercial Paper Of A Corporation Which Has Been Issued Ultra Virtu, That Is, Without Authority, The Corpora Tion May Plead Its Lack Of Authority, But In The Hands Of Bona Fide Indorsees For Value, The Common Rule Of Negotiable Paper Prevents ...

Certificates Of Deposit As
Certificates Of Deposit As Negotiable Instruments. By A Certifi Cate Of Deposit Is Meant The Receipt In Writing Given By A Bank Or Banker In Acknowledgment Of Money Received, And Which States That The Amount Desig Nated Therein Is Payable To Bearer, To The Order Of The Depositor, Or A ...

Certificates Of Stock As
Certificates Of Stock As Quasi-negotiable Instruments. Of Stock Are Regarded As Quasi-negotiable Instruments, Since They Are Intended For Transfer, And To Some Extent The Transferee Gets A Better Title Than His Transferor Had. Though Some Of The Rights Of A Bona Fide Purchaser Of Stock Arise Rather From The Principles ...

Certified Checks Discussed
Certified Checks Discussed. A Check Is Not Intended For Circulation Or For Acceptance, But For Prompt Payment On Present Ment. In The United States A Custom Has Come To Prevail Whereby The Bank Named As Drawee Accepts Or Certifies To The Holder That The Check Will Be Paid On Presentment. ...

Check Defined And Dis
Check Defined And Dis Cussed. Professor Tiedeman Defines A Check "to Be A Draft Or Order, Having Essentially The Character Istics Of A Bill Of Exchange, And Differing From The Bill (i) In Being Drawn On A Bank Or Banker, (2) Apparently And Presumptively Against A Deposit Of Funds, And ...

Commercial Paper Of An
Commercial Paper Of An Infant Considered. An Infant's Contracts Are Now Generally Regarded As Voidable Rather Than Void, And Except In The Case Of Necessaries, The Infant May Disaffirm Any Contract Into Which He Has Entered. While This Is True Of Most Of The Con Tracts Entered Into By An ...

Commercial Paper Of In
Commercial Paper Of In Sane Persons Considered. Any Person Mentally Deficient, As A Lunatic, Imbecile, Drunken Person, And The Like, Cannot Make A Contract Bind Ing Upon Them During The Period Of Such Incom Petency. One Ignorant Of The Insanity Of A Person With Whom He Contracts And Who Has ...

Commercial Paper Of Mar
Commercial Paper Of Mar Ried Women Considered. "according To The Common Law, A Married Woman Cannot Make Or Accept Or Indorse A Commercial Instrument, And Her Attempted Execution, Acceptance Or Indorsement Of Such An Instrument Is Absolutely Void." But Modern Statutes In The Various States Have Modified The Common Law ...

Concerning The Considera Tion
Concerning The Considera Tion For The Note Or Bill. Walker Gives As The Sixth Essential Of A Negotiable Instru Ment That It Must Import A Consideration, So As To Preclude The Necessity Of Inquiry And Proof. (am. Law, Sec. 180.) This Statement Does Not Mean That The Consideration Must Be ...

Concerning The Place Of
Concerning The Place Of Payment. The Name Of The Town Or Place Where Commercial Paper Is Executed Is Customarily Written With The Date As In The Forms Given: "conneaut, Ohio," Etc., But This Does Not Make It The Duty Of The Holder To Go To The Place Mentioned To Demand ...

Conditional And Restrictive Indorsements
Qualified, Conditional And Restrictive Indorsements. As Every Indorsement Consists Of Two Distinct Contracts, Unless Otherwise Stipulated, The Present Transfer Or Negotiation Of The Bill, And The Assumption Of A Future Contingent Liability To Pay Same As An 4 Indorser, It Is Necessary For The Indorser To Limit Or Qualify His ...

Conflict Of Laws As
Conflict Of Laws As Re Gards Notice. Where The Instrument Is Drawn In One Country And Payable In Another, And There Is A Conflict Of Laws, The Validity Of A Notice Of Dis Honor, Both As To Form And Time, Will (probably) Be Determined By The Law Of The Place ...

Construction Of Contract Of
Construction Of Contract Of Surety Or Guarantor. "in Guaran Ties, Letters Of Credit, And Other Obligations Of Sureties, The Terms Used And Language Employed Are To Have A Reasonable Interpretation According To The Intent Of The Parties, As Disclosed By The Instrument Read In The Light Of The Surrounding Circumstances ...

Contract Of Surety Gov
Contract Of Surety Gov Erned By Law Of Place Where Made. The General Rule Is That The Liability Of The Surety Or Guarantor Is Construed According To The Law Of The Place Of Making The Contract. (long V. Temple Man, 24 La. Ann., 564.) The Intention. Of The Parties May ...

Contribution And Subrogation
Contribution And Subrogation. The Rights Of Sureties And Guarantors, Generally Speaking, Are The Follow Ing: 1, The Right To Indemnity From The Principal On Payment Of The Debt Or Obligation. 2. The Rights Which They Have Against The Creditor At Law And In Equity To Prevent The Creditor From Doing ...

Corpora Tion Acts By
Corpora Tion Acts By Its Agents Their Pow Ers. The Power To Appoint Agents Is Necessarily Implied As The Corporation Can Only Act Through Its Agents And Officers. The Power Is General And Unlimited Unless Expressly Denied. But An Agent Appointed By A Corporation Must Have Express Authority To Issue ...

Corporations As Parties To
Corporations As Parties To Commercial Paper. Corporations Are Either Private Or Public. The Distinction Being, That In The Former A Few Individuals Own And Control The Franchises And Property Of The Corporation, While In The Latter The Interests And Franchises Belong To The General Public, Or People Composing The District ...

Coupon Bonds Defined And
Coupon Bonds Defined And Explained. "a Coupon Bond Is A Primary Obligation, In The Nature Of A Promissory Note, Promising To Pay A Sum Of Money On A Day Certain In The Future, To Which Are Attached Certain Other Obligations Called Coupons, Which Call For The Pay Ment Of The ...

Date Must Be In
Must Be In Writing, Date, Signature. A Bill Of Exchange, Promissory Note, Or Other Negotiable Instrument Must Be In Writing. There Can Be No Verbal Promise Which Is Transferrable By Delivery Or Indorsement. The Bill Or Note May Of Course Be Printed, And Even The Sig Nature Of The Drawer ...

Delivery Witnesses
Witnesses, Delivery. It Has Been Seen In A Previous Section, That The Sig Nature Of The Maker Need Not Be Attested By A Wit Ness Even When The Signature Is By Mark. Such Witness Is Only A Help In Proving The Execution, And May Be Replaced By Other Competent Evidence. ...

Designation Of The Parties
Designation Of The Parties. The Name Of The Maker Of A Note Or The Drawee Of A Bill Should Appear On The Instrument. In The Case Of The Note It Is Important As It Is The Maker Who Is Liable Thereon; And In Case Of The Bill The Drawer's Name ...

Discharge Of Surety Or
Discharge Of Surety Or Guarantor By Payment. In General The Liability Of The Surety Or Guarantor Ceases When The Debt Of The Principal Is Paid. (petefish, Skiles & Co. V. Watkins, 124 Ill., 384.) But Where A Pay Ment Is Made By The Principal And Accepted By Creditor And Afterwards, ...

Discharge Of Surety Or_2
Discharge Of Surety Or Guarantor By Giving Time. The Surety Or Guarantor Obligated To Pay The Debt Of Another Will Be Discharged If The Creditor, Without The Con Sent Of The Surety Or Guarantor, By An Agreement Upon Sufficient Consideration, With The Principal, Extend The Time Of Payment Or Performance ...

Discharge Of Surety Or_3
Discharge Of Surety Or Guarantor By Fraud And And Concealment. The Fraud, Misrepresentation, Or Concealment, By The Creditor, Or By The Principal With His Knowledge Or Consent, Of Material Facts Which Would, If Known To The Surety, Have Kept Him From Signing The Contract, Or Which Have The Effect Of ...

Discharge Of Surety Or_4
Discharge Of Surety Or Guarantor By Creditor Relinquish Ing Security. It Is An Equitable Principle Aris Ing From The Relation Of Principal And Surety, That The Property Of The Principal Pledged For The Pay Ment Of His Debt, Should Be Applied To The Payment Of Such Debt So As To ...

Effect Of Payment Prop
Effect Of Payment Prop Erly Made. A Proper Payment Can Only Be Made With Money That Is Legal Tender, Unless By Agreement With The Holder. And Money That Is Legal Tender Must Be Taken In Payment Though Depreciated As Regards Another Specie Of Legal Ten Der. (killough V Alford, 32 ...

Effect Of The Statute
Effect Of The Statute Of Frauds Upon The Contract. By The Fourth Section Of The Statute Of Frauds, (29 Charles Ii., Ch. 3.) And Re-enacted In The Various States In Almost Identical Terms, It Is Provided: "no Action Shall Be Brought Whereby To Charge The Defendant Upon Any Special Promise ...

Effect When Considera Tion
Effect When Considera Tion Is Not Given Or Fails. It Has Been Seen In The Previous Section, That The Mere Absence Of Consideration, As In Accommodation Paper, Is Only A Defense As Against An Immediate Party Or A Remote Party Who Is Not A Holder For Value, And Is Not ...

Effect When The Contract
Effect When The Contract Is Within The Statute And Not In Writing. The Words Of The Statute Of Frauds Are, "no Action Shall Be Brought," And These Do Not Make A Contract Not Complying With Its Provisions Illegal Or Void, But Render It Incapable Of Being Enforced. In Case The ...

Examples Of Certainty As
Examples Of Certainty As To The Sum Payable. By Custom And Usage Instruments Are Written With Appended Statements Or Agreements Which Appar Ently Make The Amount Payable Uncertain, But Which Are Held To Be Negotiable On The Ground That The Amount Can Be Ascertained With Certainty At The Time Of ...

Exceptions And Other Principles
Exceptions And Other Principles. To The Rule That The Surety Will Be Discharged By Giving Time To The Principal Several Exceptions Exist: Thus Where The Surety Is Fully Indemnified By Property Of The Prin Cipal Put Under His Control To Meet His Obligation, Such Surety Will Not Be Discharged By ...

Excuses For Delay In
Excuses For Delay In Giv Ing Notice Of Dishonor. In General, Delay In Giving Notice Of Dishonor Will Be Excused When Such Delay Is Caused By Circumstances Beyond The Control Of The Party Whose Duty It Is To Give Notice, And Not Caused By His Negligence. And When The Cause ...

Extent Of The Right
Extent Of The Right Of Subrogation. The Surety Entitled To Subroga Tion Is Generally Entitled To All The Securities Which The Creditor May Hold, This Is Said To Be The Equit Able Principle And Based On Natural Justice. "a Note, Bond, Mortgage, Pledge And Judgment Are All Equally Securities For ...

Forgery And Alterations As
Forgery And Alterations As A Discharge. By For Gery Is Meant The Counterfeit Making Or Fraudulent Alteration Of Any Writing, And May Consist In The Signing Of Another's Name, Or The Alteration Of An Instrument In The Name, Amount, Description Of The Person, And The Like, With Intent Thereby To ...

Forms And Kinds Of
Forms And Kinds Of Guar Anties. There Is No Specific Form Required To Constitute A Guaranty, And It Is Sufficient If It Indi Cates The Intent Of The Party To Assume The Obliga Tion. It May Be Written On The Instrument Guaranteed, Or Be Given In A Separate Writing, And ...

Fraud Or Duress As
Fraud Or Duress As Affect Ing The Consideration. Where The Con Sideration For A Bill Is Clearly Fraudulent It Is A Good Defense Against An Immediate Party Or A Remote Party Unless He Is An Innocent Holder For Value, And While The Instrument Is Yet In The Hands Of A ...

History And Authorities General
General Requisites Of The Contract, History And Authorities. In General, To Constitute The Contract Of Suretyship Or Guaranty The Same Essentials Are Necessary As In Any Simple Contract; Thus The Parties Should Be Competent To Contract, Their Minds Should Meet In Agreement, And The Contract Should Be Upon Suffi Cient ...

History Of Negotiable Paper
History Of Negotiable Paper. There Is Some Dispute As To The Exact Time When Certain Forms Of Negotiable Paper Began To Be Used. Bills Of Exchange Were Used By The Romans In The Time Of Cicero, But Did Not Possess The Negotiable Characteristics Of Our Bills Of Exchange. Similar Bills ...

How And Where Stated
How And Where Stated. As A Rule The Denomination Of The Money Called For In The Paper Must Be Stated In The Body Of The Note Or Bill, And Not Merely In The Margin. Though Where The Denomination Is Not Given In The Body Of The Instrument, And Is Given ...

How Appropriated When There
Payment, How Appropriated When There Are Two Or More Bills. If The Debtor Is Obligated To The Holder On Two Or More Instruments, And A Payment Is Made, How Shall It Be Applied? The Following Rules Are Deduced By Professor Tiedeman In His Valuable Work: I. When The Payment Is ...

How Made Presentment
Presentment, How Made. Any Person In Possession Of A Bill Of Exchange May Present It For Acceptance, Or May Do So Through His Properly Authorized Agent. (freeman V. Boynton, 7 Mass., 483.) The Presentment Must Be Made To The Drawee Personally Or To Some Person Who Has Authority To Accept ...

How Protest May Be
How Protest May Be Waived Or Dispensed With. Protest Is Waived By Waiver Of A Presentment For Payment, And Protest Is Dispensed With By The Same Circumstances Which Would Dispense With Notice Of Dishonor In The Case Of An Inland Bill, And Circumstances Excusing Delay In Giving Notice Of Dishonor ...

How The Cor Poration
How The Cor Poration Is Bound Signature Of Agent. As The Common Council Is The Legis Lature For A Municipal Corporation, It Must Authorize The Execution And Issue Of Municipal Obligations. No Administrative Or Executive Officer Of The Munic Ipality Has Implied Power To Issue Negotiable Securities, And Must Be ...

How The Right To
How The Right To Subroga Tion Enforced. The Surety Upon Payment Of The Debt To The Creditor, May Compel The Creditor To Assign To Him All The Securities Or Obligations Of The Principal Which He May Have, If They Are Not Voluntarily Given Up By The Creditor. (morgan V. Seymour, ...

How To Ascertain The
How To Ascertain The Proper Date For Presentment. In Computing Time On All Commercial Paper The Day Of Date Is Excluded, So Where The Paper Is Payable One Year From Date It Will Mature On The First Anniversary Of That Date. Where Days Of Grace Are Allowed The Date Of ...

Interest
Interest. Many Statutes Fix A Legal Rate Of Interest And Allow A Greater Rate By Express Contract. Where This Is The Case And The Higher Rate Is Specified In The Bill, It Is In Dispute Whether This Rate Of Interest Can Be Recovered After Maturity. The Weight Of Authority Seems ...

Its Meaning Transfer By
Transfer By Negotiation, Its Meaning. "negotiation" Means The Trans Fer Of A Bill In The Form And Manner Prescribed By The Law Merchant With The Incidents And Privileges Annexed Thereby, I. E.: T. The Transferee Can Sue All Parties To The Instru Ment In His Own Name, And, If An ...

Judgment
Judgment. As Regards The' Right Of The Surety Who Pays The Debt After The Same Has Been Reduced To A Judgment To Be Subrogated To Such Judgment, There Is A Conflict Among The Authorities. If The Payment Is Made With Intention Of Extinguishing The Judgment It Will Of Course Have ...

Kinds Of Indorsements
Kinds Of Indorsements. An Indorsement May Be In Blank Or A General Indorse Ment, In Which Case The Bill Is Transferable By Deliv Ery Alone, Or It May Be A Special Or Full Indorsement Designating The Person To Whom Or To Whose Order The Bill Is Thereby Made Payable, And ...

Kinds Of Negotiable
Kinds Of Negotiable At Common Law, The First Instru Ment Recognized As Possessing Negotiable Qualities Was A Foreign Bill Of Exchange, Which Came Into Vogue And Was Sanctioned By The Custom Of Mer Chants. This Was Followed By Inland Bills Of Exchange, And Inland Bills By Promissory Notes, Whose Negotiability ...

Letters Of Credit And
Letters Of Credit And Cir Cular Notes. A Letter Of Credit Is A Written Statement Addressed To An Individual Or To Any One To Whom It May Be Delivered, To The Effect That The Writer Is Prepared To Meet Drafts Drawn On Him By The Person Named In The Letter ...

Liability As Between Drawee
Liability As Between Drawee And Drawer Or Holder. We Have Seen (ante, Chapter V) That The Drawee Does Not Become An Actual Party To The Bill Until He Has Accepted, And That He Is Not Bound To Accept, Unless, Upon A Valuable Consideration, He Has Expressly Or Impliedly Agreed To ...

Liability Of Acceptor To
Liability Of Acceptor To Holder. By Acceptance Of A Bill The Drawee Becomes The Principal Debtor, And In Effect Agrees That He Will Pay It At Maturity According To The Terms Of His Acceptance. (philpot V. Bryant, 4 Bing., 720; Rowe V. Young, 2 Bligh. H. L., 467.) To A ...

Liability Of Blank Indors
Liability Of Blank Indors Ers And Accommodation Parties To Commercial Paper. Accommodation Parties, As A Rule, Unless They Have Indicated The Fact Of Their Suretyship In Signing, Will Assume The Same Liabilities, And Are In General, Entitled To The Same Rights Of Demand And Notice Of Non-payment. Of Drawer, Drawee, ...

Liability Of Drawer Or
Liability Of Drawer Or Indorser To The Holder. "the Drawer Of A Bill Of Exchange Engages That On Due Present Ment It Shall Be Accepted And Paid According To Its Tenor, And That If It Be Not So Accepted And Paid He Will Indemnify The Holder, Provided Due Notice Of ...

Liability Of Guarantor On
Liability Of Guarantor On General And Particular Guaranty. A General Guaranty, As A Letter Of Credit Addressed To All Persons, Is Valid And May Be Enforced By Any Person Who Gives Credit On The Strength Of It. (lowry V. Adams, 22 Vt., 16o.) And Though Addressed To A Named Person, ...

Liability Of Guarantor Or
Liability Of Guarantor Or Surety In Special Cases. Where A Person Became A Surety On A Bond For The Hire Of A Slave, With A Covenant For The Return Of The Slave At The End Of The Period For Which He Was Hired, It Was Held That The Death Of ...

Liability Of Maker Of
Liability Of Maker Of A Note. The Maker Of A Promissory Note, In Gen Eral Corresponds To The Acceptor Of A Bill Of Exchange, Each Being The Principal Debtor On The Bill, And Each Engages That He Will Pay At Maturity According To The Tenor Of The Bill. And The ...

Liability Of Person Accom
Liability Of Person Accom Modated To Accommodation Party. An Accommodation Party Is Defined In Benj.'s Chal Mers, As "a Person Who Has Signed A Bill As Drawer, Indorser, Or Acceptor, Without Receiving Value, And For The Purpose Of Lending His Name To Some Other Person As A Means Of Credit." ...

Liability Of Person Who
Liability Of Person Who Transfers By Delivery Only. A Bill Made Payable To Bearer Is Transferrable By Delivery Only, And A Party Thus Transferring, Called A Trans Feror By Delivery, Incurs No Liability On The Instru Ment, And Unless Given As Collateral Security Or For An Antecedent Debt He Is ...

Liability Of Surety When
Liability Of Surety When Principal Discharged Or Not Bound. As A General Rule The Surety Is Not Bound Where The For Some Reason Is Not Bound By The Contract On Which The Surety Has Promised, Since The Surety's Contract Is Collateral Or Accessory To That Of The Principal, And The ...

Liability Of The Indorser
Liability Of The Indorser And Rights Of The Indorsee. By Negotiation The Indorser Warrants That The Paper Is A Valid Obligation In Every Particular, As That The Parties Are Competent To Contract, The Genuineness Of All The Signatures, And That The Paper Is Not In Violation Of The Law For ...

May Or May Not
Surety Not Liable At Law, May Or May Not Be Chargeable In Equity. A Court Of Equity Will Charge A Surety In Many Cases Where He Is Not Liable At Law, As By Allowing A Lost Bond To Be Set Up (kerney V. Ker Ney, 6 Leigh, Va., 478), Reform ...

Meaning And Effect Of
Meaning And Effect Of Acceptance. When The Drawee Has Accepted The Bill It Means That He Has Bound Himself To Pay The Bill According To Its Tenor, And He Thus Replaces The Drawer As The Primary Debtor To The Holder, And Relieves Him From Responsibility As A Guarantor That The ...

Meaning And Purpose Of
Meaning And Purpose Of Protest. "protest" Means A Formal Notarial Certificate Attesting The Dishonor Of A Bill. It Must Be Made By A Notary Public Or Other Person Author Ized To Act As Such, Except Where A Notary Cannot Be Obtained, In Which Case It May Be Made By Any ...

Meaning And Purpose Of_2
Meaning And Purpose Of Notice. Notice Of Dishonor Means A Formal Notice Of Dishonor To Parties Liable On The Bill, And Is Not Excused Because The Drawer Or Indorser Had Notice That The Bill Had Been Dishonored. It Is A Duty Of The Holder, And A Condition Precedent To His ...

Meaning Of Due Diligence
Meaning Of "due Diligence." When The Contract Of The Surety Is Not The Same As That Of The Principal, But Only Charges Him When The Creditor Has Exhausted His Remedy Against The Principal, The Creditor Is Bound To Use Due Diligence In Proceeding To Collect From The Primary Obligors. Just ...

Meaning Of Due Notice
Meaning Of Due Notice; By Whom And When To Be Given. By Due Notice Is Meant Notice Given By The Proper Party, In The Proper Form, At The Proper Time, In The Proper Manner And To The Proper Party. I. The Proper Party To Give The Notice Is The Holder ...

Meaning Of Negotiable Instruments
Meaning Of "negotiable Instruments." By Negotiable Instruments, Also Called "negotiable Paper" And "commercial Paper," Are Meant That Exceptional Class Of Con Tracts Or Obligations In Writing, Which By The Law Merchant, Commercial Usage, And Now By Statute, May Be Assigned Or Transferred From Person To Per Son Independent Of The ...

Mode Of Presentment
Mode Of Presentment. As A General Rule The Presentment Is Made By The Holder Or His Agent Presenting The Bill To The Acceptor And Demanding Payment. But Where The Bill Is Payable At A Bank, It Is Sufficient If The Paper Is There In Pos Session Of One Entitled To ...

Must Be For The
Must Be For The Payment Of A Sum Certain. It Is Also A Requisite To The Negotiability Of An Instrument That It Call For The Payment Of A Definite And Certain Sum, And Not For Unliquidated Damages. The Amount To Be Paid Or Which The Paper Represents Should Be Stated ...

Must Be Payable In
Must Be Payable In Money Only. Another Requisite Of A Negotiable Instru Ment Is, That It Must Call For The Payment Of Money Only, And Not For Other Property. Though All Of The Other Features Of Negotiability Are Present And The Paper Calls For The Payment Of Goods, Or Is ...

Must Contain Words Of
Must Contain Words Of Another Essential Or Requisite Of Negotiable Paper Is The Set Of Words Which From The First Introduction Of These Instruments Have Been Used To Distinguish Them From Non-assignable Con Tracts. These Words, As Commonly Employed, Are "order," "bearer," "assigns," And The Like, Placed After The Name ...

Necessity For Demand On
Necessity For Demand On Principal And Notice Of Default To Guarantor. "the Authorities Are Agreed That, Where The Liability Of The Guarantor Depends Upon A Contingency, It Is Necessary That Notice Of Default Should Be Given To The Guarantor Within A Reason Able Time After Demand; And Demand Should Be ...

Negligent Loss Of Collateral
Negligent Loss Of Collateral Security . The Creditor Being Held To Be A Trustee Of The Property Of The Principal In His Hands For The Benefit Of The Surety, His Negligence Or Carelessness As Regards Such Property Resulting In A Loss Will Discharge The Surety To The Extent Of Such ...

Negotiability Of Checks
Negotiability Of Checks. Checks Are Negotiable Instruments, And As Such Are Transferred By Indorsement Or Delivery As Bills Of Exchange. A Bank May Require The Holder Of A Check Payable To Bearer To Indorse His Name On It For The Double Purpose Of A Receipt And A Memoran Dum Of ...

Negotiability Of Guaran Ties
Negotiability Of Guaran Ties Discussed. While A Person Who Holds The Guaranty Of Another May Assign The Right Of Action On The Guaranty By Express Words So That The Trans Feree May Thereafter Enforce The Guaranty Either In The Name Of The Assignor Or In His Own Name, There Is ...

Negotiations By Delivery And
Negotiations By Delivery And By Indorsement. There Are Two Modes Of Negotiation, By Delivery And By Indorsement According To The Form Of The Instrument Transferred. Thus, A Bill Which In Legal Effect Is Payable To Bearer, May Be Negotiated By Delivery Alone. It May Also Be Indorsed And Makes The ...

Notice Given By Others
Notice Given By Others Than The Holder. A Party Who Receives Due Notice Of The Dishonor Of A Bill, As An Indorser, After The Receipt Of Such Notice, Has The Same Time In Which To Give Notice To Antecedent Parties Whom He Desires To Hold Liable, As The Original Holder ...

Ohio Conneaut
Conneaut, Ohio, April 1st, Two. Three Months After Date, Pay To Abel Payee, Or Order, Sixty Dollars, For Value Received. To Edward Drawee. "the Person Who Makes This Order (charles Drawer) Is Called The Drawer; The One Upon Whom The Order Is Drawn (edward Drawee) Is Called The Drawee; And ...

Ohio Conneaut_2
Conneaut, Ohio, April 1st, 1901. For Value Received, I Promise To Pay Abel Payee, Or Order, Sixty Dollars, Two Months After Date. Charles Dame. "the One To Whom The Money Is Payable, Still Continues To Be Called The Payee; But The One Who Is Bound To Make Payment Is Neither ...

Ohio Conneaut_3
Conneaut, Ohio. April 1st, 1900. The First National Bank, Pay To Abel Payee, Or Order (or Bearer), Sixty Dollars (s6o.00), And Charge To My Account. Checks Are Negotiable Instruments, And May Be Transferred By Delivery When Payable To Bearer, Or By Indorsement When Payable To Any Person Or His Order. ...

Or In Different Form
Bond Given When Not Re Quired, Or In Different Form Binds Surety. A Voluntary Bond, Or One Given When None Is Required By Law, Or In A Different Form From The One Required Binds The Surety Thus, The Bond Of A Plaintiff In An Attachment Suit Though Not Required Binds ...

Or On A Bond
Extent Of Surety's Liability For A Debt, Or On A Bond. Where The Contract Of The Surety Expressly Or In Effect Covers Stipulated Damages, They May Be Recovered. (first Natl. Bank V. Breese, 39 Ia., 64o; Gridley V. Capen, 72 Iii., 1.) In General, The Surety On A Bond Is ...

Or Preparation For Protest
Noting, Or Preparation For Protest As We Have Seen (chapter V), Any Holder May Present The Bill Or Note For Payment And Receive Payment, But In Case Payment Is Refused And Protest Becomes Necessary, The Notary Public Who Makes The Protest Is Obliged By Law To Make A Second Demand, ...