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Or Supra Protest Acceptances
Acceptances For Honor, Or Supra Protest. When The Drawee Has Refused To Accept A Bill And Protest Has Been Made And Notice Given To All The Parties, Any Third Person May Then Accept The Bill For The Honor Of One Or Several Parties To The Bill. The Acceptor After Protest ...

Other Equit Able Rights
Other Equit Able Rights Against Cosureties. A Surety Who Is Called Upon To Pay The Debt May Before Paying File A Bill In Equity To Compel His Co-surety To Contribute To The Payment, And Also In A Proper Case Restrain Such Co-surety From Disposing Of His Property Until The Joint ...

Other Prin Ciples Concerning
Other Prin Ciples Concerning Contribution. When One Of Several Co-sureties Afterwards Becomes The Principal By Assignment, With The Knowledge And Consent Of The Other Sureties, He Is No Longer A Co-surety, Buf Liable For The Whole Debt To A Co Surety Who Has Been Compelled To Pay It. (gray V. ...

Other Prin Ciples
Other Prin Ciples. The Surety May Pay A Part Of The Debt When Due, Or Pay It In Installments, And Recover After Each Payment A Like Sum From The Principal. (davies V. Humphreys, 6 M. & W., 153.) As Regards The Principal's Right To Exemption Or The Claim Of Third ...

Overdue Paper
Overdue Paper. A Bill That Is Overdue, That Is, Whose Time Of Payment Has Matured, And Is Not Discharged May Be Negotiated As Other Bills, Except That The Fact Of Its Being Overdue Is Equivalent To Notice To The Holder Of All Facts Which, If Known Before Maturity, Would Destroy ...

Partners As Parties To
Partners As Parties To Commercial Paper. The Subject Of Part Nership Has Been Treated In A Previous Number Of The Home Law School Series, To Which The Student Is Referred At This Time. The Rights And Liabilities Of The Partners To Validly Executed Firm Paper Was Fully Dis Cussed In ...

Payable In Foreign Money
Payable In Foreign Money. Negotiable Instruments Are Not Invalidated Because The Amount Payable Is Ex Pressed In Money Of The Denomination Of A Foreign Country. But A Note Is Not Negotiable Which Requires The Obligor To Tender Money Of The Foreign Denomination In Payment Instead Of A Like Sum In ...

Prerequisites To The Right
Prerequisites To The Right Of Subrogation. All Persons Who Occupy The Situation Of Sureties Or Guarantors, Whether Technically Called Such Or Not, Are, Without Doing Any Act Signifying Their Intention To Elect Or Ac Cept The Privileges Of The Right, Subrogated To The Rights Of The Creditor Against The Principal ...

Presentment For Payment Considered
Presentment For Payment Considered. The Rules Already Considered Apply Both To Presentment For Acceptance And Pre Sentment For Payment, But It Is Thought Best To Give A Few Principles Applicable To Presentment For Pay Ment At This Time. When A Bill Of Exchange Has Been Dishonored By Non-acceptance The Holder ...

Presentment For Payment Of
Transfer, Presentment For Payment Of Coupon Bonds. Coupon Bonds May Be Made Payable To Order And Trans Ferred By Indorsement, But They Are Ordinarily Pay Able To Bearer And Transferred By Delivery. (city Of Lexington V. Butler, 15 Wall., 295; Roberts V. Bowles, Rot U. S., 122.) A Party Indorsing ...

Promissory Note Defined A
Promissory Note Defined. "a Promissory Note Is An Unconditional Promise To Pay To Another's Order Or To Bearer A Specified Sum Of Money At A Specified Time." It Will Be Seen That A Promissory Note Does Not Differ Materially From An Inland Bill Of Exchange, With Which It Was Early ...

Protest Evidence Of What
Protest Evidence Of What Facts. The Notary's Certificate Of Protest Is Only Evidence Of Those Facts Which Are Stated Therein And Which Are The Duty Of The Notary To Note In Making Presentment And Demand For Payment. Collateral Facts Noted By The Certificate Must Be Proved By Other Evidence. So ...

Protest For Better Secu
Protest For Better Secu Rity. When The Acceptor Of A Bill Of Exchange Becomes Bankrupt Or Makes An Assignment Before Its Maturity, It May Be Protested For Better Security. (brooks' Notary, P. 88, Form P. 219.) When A Bill Of Exchange Is Dishonored By Non Acceptance Or Non-payment, And A ...

Public Or Municipal Corpo
Public Or Municipal Corpo Rations As Parties To Commercial Paper. The State Or Federal Governments As Corporations May, By Their Duly Authorized Agents, Become Parties To The Different Species Of Commer Cial Paper, Either As Drawer, Maker Or Acceptor. (united States V. Bank, 15 Pet., 377; State Ex Rel. Plock ...

Purpose Answered By Nego
Purpose Answered By Nego Tiable Instruments. "negotiable Contracts Were Introduced In Modern Times For The Benefit Of Commercial Intercourse. They Are Designed To Cir Culate Readily From Hand To Hand, And Thus Multiply The Facilities Of Traffic And Credit." Professor Tiedeman States That The Development And Extension Of Commerce Outgrowing ...

Rights And Duties Of
Rights And Duties Of The Bank Or Banker. A Banker Is Bound To Honor His Depositor's Checks (quere, As To His Bills), Properly Presented, To The Extent Of The Funds Of The Depositor In His Hands, And For Refusing So To Do He Becomes Liable To Such Depositor For Damages ...

Rights And Liabilities Of
Rights And Liabilities Of Drawer Of Check. After Presentment For Payment And Dishonor The Check Is Evidence Of The Indebtedness Of The Drawer, The Check Is Presumed To Be Given In Satisfaction Of A Debt, But May Be Shown To Have Constituted A Loan From Drawer To Payee, And Is ...

Rights Of Surety Or
Rights Of Surety Or Guar Antor Against Third Persons. As Against Third Persons The Surety Has A Right To Hold Property Of The Principal Mortgaged To Him For His Indemnity Before The Debt Is Due Or Paid, Or Take A Conveyance Of Property From The Principal On Agree Ing To ...

Rights Of The Surety
Rights Of The Surety Or Guarantor Against The Creditor. This Topic Would Include The Different Acts Of The Creditor Which Prejudice The Surety And Operate To Discharge Him, As Giving Time To The Principal, And The Like, Which Were Discussed In The Preceding Chapter. In Addition To These Rights Of ...

Scheck Defined
Scheck Defined. A Check Is Defined By Mr. Daniel As "a Draft Or Order Upon A Bank Or Banking House, Purporting To Be Drawn Upon A Deposit Of Funds For The Payment At All Events Of A Certain Sum Of Money, To A Certain Per Son Therein Named, Or To ...

Sec
Sec. 887. Liability Of Surety On Discounted Note. The Surety Who Has Become A Party To A Promissory Note To Raise Money For The Principal For A Specified Purpose, Cannot Complain If The Note Is Discounted By Another Than The Payee And The Money Applied To The Purpose Intended. (bank ...

Subrogation An Equitable Right
Subrogation An Equitable Right. "the Right Of The Surety To Demand Of The Creditor Whose Debt He Has Paid, The Securities He Holds Against The Principal Debtor, And To Stand In His Shoes, Does Not Depend At All Upon Any Request Or Contract On The Part Of The Debtor With ...

Suretyship And Guaranty Defined
Suretyship And Guaranty Defined And Distinguished. Surety Ship Is A Contract By Which One Person Obligates Himself To Be Responsible For The Debt, Default Or Miscarriage Of Another. The Person Thus Obligating Himself Is Called A "surety," And The Person For Whom He Engages Is The Primary Or Principal Debtor, ...

The Consideration For The
The Consideration For The Promise Of The Surety Or Guar Antor. Except When Under Seal, The Contract Of The Surety Or Guarantor Must Be Supported By A Sufficient Consideration, And This Is Determined By The Same Principles As Govern In The Case Of The Ordinary Contract. The Smallness Of The ...

The Effect Of A
The Effect Of A Seai. An Instrument Under Seal, Though Possessing All Essen Tial Features Of Commercial Paper, Is Not Negotiable In The Absence Of A Statute Authorizing It. The Rule Grows Out Of The Fact That By The Law Merchant The Custom Was To Execute Commercial Paper Without Seals, ...

The Effect Of Notes
The Effect Of Notes And Bills Executed In Blank. It Is Not Unusual For A Person Wishing To Secure A Loan On His Note Or Bill To Obtain The Signature Of Persons As Accommodation Makers To Sign The Bill Or Note In Blank, Or To Affix Their Signature To A ...

The Essentials Of Negoti
The Essentials Of Negoti Ability. In Order That Written Instruments May Pass Current Or Have The Character And Superior Advantages Accorded To Commercial Paper, They Must Bear Certain Indicia Of Their Worth And Nature Upon Their Face. These Requisites Or Essentials Of Negotiability Are Thus Stated By Professor Walker: "first, ...

The Payee
The Payee. Every Bill Or Note Should Specify Clearly To Whom It Is Payable. If No Person Is Designated As Payee The Instrument Cannot Be Negotiated, Though If Some One Is Indicated So As To Be Identified By Parol Evi Dence It May Be Good As A Non-negotiable Contract. (brown ...

The Purpose Of Accept
The Purpose Of Accept Ance. The Drawee Of A Bill Is Not Bound As A Party To The Instrument Until He Has Accepted It, Or Agreed Previously To Pay It, And Cannot Be Sued By The Holder Of The Bill, Though He Has Funds In His Hands To Cover The ...

The Right To Indemnity
The Right To Indemnity From The Principal. The Principal Being The Real Debtor, And The Guarantor Or Surety Only Being Responsible For His Default, The Law Implies A Promise On The Part Of The Principal To Indemnify The Surety, And A Right Of Action Immediately Accrues To The Surety Or ...

The Sum Of Money
The Sum Of Money Must Be Payable Without Conditions. A Fourth Requisite Of Commercial Paper Is That The Sum Of Money Promised Must Be Payable Absolutely And Without Conditions. The Payment Must Be Prom Ised At A Time Certain Or Upon A Condition That Must Happen, And Not Depend Upon ...

The Transfer Of Promis
The Transfer Of Promis Sory Notes. Promissory Notes Have Been Made Negotiable The Same As Bills Of Exchange By Statute, Though Many Decisions Hold That They Are Negotiable Independent Of Statute Like Bills Of Exchange, A Promissory Note, Pay Able On Demand And Not Known To Be Dishonored, Will Be ...

Time Within Which Check
Time Within Which Check Must Be Presented For Payment. A Check Is Deemed To Be Pre Sented Within A Reasonable Time And With Sufficient Promptness To Charge Prior Parties When Presented According To The Following: I. Where The Payee And The Bank On Which The Check Is Drawn Are In ...

Time Within Which Suit
Time Within Which Suit May Be Brought On A Bill. At The Common Law The Limitation Within Which An Action May Be Brought On A Bill Or Note Is Six Years, And After The Expiration Of This Time The Holder Who Has Had A Right Of Action For This Period ...

Transfer By Act Of
Transfer By Act Of Law. At Common Law The Title To A Bill Of A Married Woman During Marriage Was In The Husband, If He Died It Reverted To Her. (draper V. Jackson, 16 Mass., 480.) This Rule Does Not Apply To A Bill Forming Part Of Wife's Separate Estate, ...

Transfer By Assignment
Transfer By Assignment. The Holder Of A Bill May Transfer It By Assignment The Same As Any Other Chose In Action. Where The Holder Of A Bill Payable To Order Transfers It Without Indorsement It Operates As An Equitable Assignment, And The Transferee May Compel Indorsement. (mat Teson V. Morris, ...

Trustees And Guardians As
Trustees And Guardians As Parties To Commercial Paper. In General Trustees And Guardians Cannot Issue Any Bill Or Note Which Will Bind The Estate They Represent, Though Issued In Their Representative Capacity. By Attempting To Do So They Bind Themselves Person Ally. (robertson V. Banks, I Smedes & M., 666; ...

Usual Form Of Bill
Usual Form Of Bill Of Ex Change. A Bill Of Exchange Is Usually, Though Not Necessarily, Of The Following Form: ...

Usual Form Of Promissory
Usual Form Of Promissory Note. The Form Of A Promissory Note, Like That Of A Bill Of Exchange, Is Not Arbitrary, So Long As The Essentials Of A Negotiable Instrument Are Pres Ent. A Customary Form Is As Follows: ...

Warehouse Receipts As Quasi Negotiable
Warehouse Receipts As Quasi-negotiable Paper. Warehouse Or Elevator Receipts For A Stated Amount Of Grain Of A Certain Kind Or Quality Are Issued By The Public Warehousemen For Grain Stored With Them, To Be Delivered To The Depositor Or His Order On Demand. These Receipts, Like Bills Of Lading, Represent ...

Ways In Which Surety
Ways In Which Surety Or Guarantor May Be Discharged. In General, The Surety Or Guarantor May Be Discharged By Payment Of The Obligation For Which He Is Liable; By The Creditor Giving An Extension Of Time To The Principal; By The Alteration, Without His Consent, Of His Contract; By The ...

What Constitutes A Valu
What Constitutes A Valu Able Consideration. In General A Valuable Consideration As Applied To The Law Of Commercial Paper Is Any Consideration Sufficient To Support A Simple Contract. Thus A Cross Acceptance, The For Bearance Of A Debt Of A Third Person, The Compro Mise Of A Disputed Liability, Or ...

What The Certificate Of
What The Certificate Of Protest Should Contain.the Protest Certificate Should Contain A Copy Of The Bill Or The Bill Itself Annexed; A Statement Of The Parties For Whom And Against Whom The Instrument Is Pro Tested; The Date Of Protest And The Place Where Made; A Statement That Acceptance Or ...

What Ways Bills And
What Ways Bills And Notes May Be Transferred. As A Bill Or Note Is A Chattel It May Be Sold As A Chattel; It Is Also A Chose In Action And Can Be Assigned As A Chose In Action, And As It Is Also A Negotiable Instrument It May Be ...

What Will Operate To
What Will Operate To Dis Charge The Liability Of Parties To A Bill Or Note. By Discharge Of A Bill Is Meant The Extinguishment Of Rights Of Action On It. It Then Ceases To Be Negotiable, And Its Transfer Can Only Operate As A New Contract Between The Trans Feror ...

When A Bill May
When A Bill May Be Nego Tiated. While A Complete Bill May Be Negotiated At Any Time Before It Is Discharged, The Character And Incidents Affecting It Depend On The Time When It Is Negotiated, As, For Example, Whether Indorsed Before Or After Due. Prima Facie The Bill Is Presumed ...

When A Check May
When A Check May Be Re Voked. Death Or Bankruptcy Of The Drawer Is Held To Revoke The Authority Of A Banker To Pay A Check. Thus A Check Given By The Drawer In Con Templation Of Death Must Be Presented For Payment By The Donee Before The Drawer's Death ...

When Check Is Deemed
When Check Is Deemed Overdue And Charges Holder With The Equities. There Is Some Uncertainty Among The Authorities As To When A Check Not Known To Have Been Dishonored Is Over Due So As To Charge The Holder With Equities Of Which He Had No Notice When Taking The Note; ...

When Considered Absolute Or
Payment By Bill, When Considered Absolute Or Condi Tional. When Payment Of A Bill Or Note Is Made By Giving Another Note Or Bill, Other Than Notes Treated As Legal Tender, As A General Rule, Such Payment Will Not Be Considered Absolute Until The Paper Given In Payment Has Been ...

When Creditor Entitled To
When Creditor Entitled To Securities Held By The Surety. Securities Given By The Principal To The Surety For Indemnity Against The Payment Of The Debt, Are Generally Subject To The Equitable Claim Of The Creditor And May Be Taken For His Indemnity, Though They Did Not Influence Him In Giving ...

When Ex Cused Presentment
Presentment, When Ex Cused. Presentment For Acceptance Is Excused And The Bill Should Be Protested As Dishonored By Non-acceptance: (t) When The Drawee Is Discovered To Be A Fictitious Person, Or Is Incapable Of Making A Valid Contract From Legal Disabilities, Or Is The Drawer, As A Partner In The ...

When Joint Maker Of
When Joint Maker Of Note May Be Shown To Be A Surety By Parol Evidence. Where Several Parties Sign A Joint, Or Joint And Sev,-m'al Note, Not Under Seal, If One Or More Of Them Are Sureties, And The Creditor Is Cognizant Of The Fact, Parol Evidence Is Admissible To ...

When Notice Of Dishonor
When Notice Of Dishonor Is Unnecessary. "notice Of Dishonor Is Dis Pensed With: "1. When The Drawer Or Indorser Sought To Be Charged Is, As Between The Parties To The Bill, The Principal Debtor, And Has No Reason To Expect That It Will Be Honored On Presentment." As Where A ...

When Offer Of Guaranty
When Offer Of Guaranty Must Be Accepted. An Offer Of Suretyship Or Guaranty Must Be Accepted The Same As Any Other Offer If The Party Offering Is To Be Bound. Where The Parties Deal Together Personally, Or A Single Specific Liability Is Guarantied, Formal Notice Of Acceptance By The Creditor ...

When Subrogation Will Be
When Subrogation Will Be Allowed. In General, To Be Entitled To Subro Gation, The Surety Must Have Paid The Whole Debt, And A Part Payment Will Not Give Him The Benefit Of Subrogation, As This Would Give Separate Interest In The Same Debt To Surety And Creditor. (hollings Worth V. ...

When Surety Discharged
When Surety Discharged. The Holder Of A Bill Having Notice That The Relationship Of Principal And Surety Exists Between Prior Parties To The Instrument, Will Dis Charge Such Sureties By Giving Time To The Principal Unless He Expressly Reserves His Rights Against The Sureties. ...

When Surety Estopped To
When Surety Estopped To Deny Recitals Of Facts In Written Obligation. "the General Rule Is That Sureties Are Estopped To Deny The Facts Recited ,n The Obliga Tions Signed By Them, And This Whether The Recitals Are True Or False In Fact. Having Once Solemnly Alleged The Existence Of The ...

When The Surety May
When The Surety May Be Sued. Though The Contract Of The Surety Is In Effect Collateral To That Of The Principal, Yet, When By The Terms Of The Contract The Obligation Of The Surety Or Guarantor Is The Same As That Of The Prin Cipal, The Creditor, Upon Default, May ...

When The Surety May_2
When The Surety May Be Sued Jointly With The Principal. If The Principal And Surety Are Jointly Liable On The Same Contract, They May Be Sued Jointly, Though The Fact Of The One Being A Surety Appears On The Instrument, As Where A Note Reads "i Promise" And Is Signed ...

Who Are Bona Fide
Who Are Bona Fide Hold Ers For Value Without Notice? A Bona Fide Holder For Value Without Notice Is A Holder Who, At The Time He Becomes The Holder And Gives Value, Is Really And Truly Without Notice Of Any Facts Which, If Known, Would Defeat His Title To The ...

Who Are Co Sureties
Who Are Co Sureties. Where All Of The Sureties Sign The Same Instrument And Become Equally Liable Thereon, There Is No Question Of Their Being Co-sureties. But There May Be Two Or More Sureties For The Same Principal Who Are Not Co-sureties. If Several Per Sons Become Bound For The ...

Who Are Holders For
Who Are Holders For Value? If Value Has At Any Time Been Given For A Bill, The Holder Of It Is A Holder For Value As Regards The Acceptor And All Parties Prior To Such Time; Thus, B Owes C $5o. In Order To Pay C, A Draws At B's ...

Who May Become A
Who May Become A Surety Or Guarantor. In Addition To Natural Per Sons Of The Requisite Capacity, Surety Companies, Or Corporations Authorized By Statute To Guaranty Bonds And Undertakings Or The Fidelity Of Officers In Positions Of Public Or Private Trust, May Become Sureties Or Guarantors. (cramer V. Tittle, 72 ...

Who May Draw Checks
Who May Draw Checks Against Deposits. The Depositor Or His Authorized Agent Should Execute The Check. A Firm Deposit May Be Checked Against By Any One Of The Active Partners By Signing The Firm Name. A Num Ber Of Persons, Not Partners, Having A Deposit To Their Joint Credit, Must ...

Who May Negotiate A
Who May Negotiate A Bill. In General A Bill Must Be Negotiated By The De Facto Holder, That Is, The Person In Possession Of A Bill And To Whom It Is Payable, Whether His Possession Be Lawful Or Not. And In Such Sense It Is Broader In Significance Than The ...

Whom A Bill May
Whom A Bill May Be Negotiated. A Bill May Be Issued To Any Per Son, Including The Drawer, Drawee, Acceptor Or Prior Indorsers, And May Be Reissued By Such Indorsees. But In Case A Bill Is Indorsed Back To A Party Already Liable Thereon, He Cannot Sue The Intermediate Parties, ...

Words Of Ne Gotiability
Words Of Ne Gotiability Examples Of. At First It Was The Inclination Of The Courts To Be Strict In Regard To Words Expressing Negotiability, And An Early Case Held That A Paper Payable To A Person Or Bearer Was Not Negotiable. (hodges V. Steward, I Salk., 125.) But It Is ...

Words Sufficient To Con
Words Sufficient To Con Stitute The Promise. It Is Not Necessary That The Words Expressing The Obligation To Pay Be Confined To Any Particular Form Or Expression. Thus A Promise To "deliver," To Be "accountable," To Be "responsible," And The Like, Have Been Held Sufficient Promises To Pay The Amount ...

Writers On Negotiable Instruments
Writers On Negotiable Instruments. Mr. Daniel's Noted Work On Negotiable Instruments Is A Standard Authority, And Has Reached The Sixth American Edition. Byles On Bills Is A Smaller Work Which Has Reached The Eighth American Edition. Among American Authors Are Story's Work On "promissory Notes"; Parsons' Work On "notes And ...