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Page. Vagliano v. Bank of England ..46, 50, Yates, Ex parte

218 99, 100, 167, 194 Yates v. Dalton

96 Vance v. Lowther 217 Yates v. Nash

48, 49 VanderDonckt v. Thellusson 260 Yorkshire Banking Co v. Beatson 95 Vaughan v. Fuller .... 168 Young v. Glover.

132 Vincent v. Horlock 139 Young v. Grote

217

Wackerbath, Ex parte

188 Waithman v. Elsee

253 Walker v. Atwood.

75

American Cases. Walker v. McDonald.

139 Walmsley v. Child.

225 Alabama, &c., Co. v. Brainard. . 109, 136 Walter v. Hastings 217 | Amy v. Supervisors

165 Walton v. Mascali 190, 261 Armstrong v. Thurston.

161 Ward v. Evans 159 Arnold v. Dresser

162 Ware v. Lord Egmond 125 Austin v. Miller.

270 Warrington v. Early.

218 Watson v. Evans. 49 Bacon v. Bicknell

257 Watson v. Kightley 40 Bacon v. Burnham.

137 Webb v. Fairmane 63 Baldwin v. Farnsworth.

162 Wegersloffe v. Keene. 75 Ballard v. Greenbush.

214 West London Commercial Bank v. Bayou Sara v. Harper

115 Kitson

104 Bank of Commonwealth v. Curry 78 Whatley v. Tricker 213 Bank of Rochester v. Harris

242 Wheatley v. Williams 253 Bank of Tennessee v. Burk

89 Whistler v. Forster . 122, 125, 134 Bank of Toronto v. Hunter

119 White v. North

253 Bank of United States v. Davis 137 Whitfield v. Lord Despencer 163 Bank of Utica v. DeMott.

180 Whitlock v. Underwood...

57 Bank of Washington v. Triplett 72, 151 Whitmore v. Wilks 217 Barclay v. Weaver.

182 Wiggen v. Roberts.

158 Barker v. Mechanics Insurance Co.. 109 Wilde v. Sheridan 81 Barker v. McKay

186 Wilkes v. Jacks 183 Bayerque v. San Francisco

40 Wilkins v. Jadis. 158 Beardsley v. Hill

56 Wilkinson v. Britton. 63, 154 | Beckwith v. Union Bank

243 Wilkinson v. Johnson 214 | Beede v. Real Estate Bank

214 Wilkinson v. Lutwidge. 68 Benedict v. Cowden

217 Wilkinson v. Payne 113 Bellows v. Folson

82 Wilkinson v. Unwin 144 Biesenthall v. Williams

33 Willans v. Ayers .44, 202 | Bingham v. Kimball

111 Williams v. Bailey. 124 Blake v. McMillan

151 Williams v. East India Company 77 Blodgett v. Jackson

50 Williams v. Germaine.... .72, 181, 220 Blont v. Proctor

124 Williams v. Smith 176 Boiles v. Sterns

. 70, 137 Williams v. Waring 161 | Bond v. Brotherson

218 Williamson y. Watts. 91 | Bouldin v. Page

175 Willis v. Barrett 48, 70 Booth v. Wallace

56 Wilson, Ex parte 211 Brackitt v. Mountford

218 Wilson v. Thornbury. 99 Brenzer v. Wightman.

53 Witham v. Lee 124 Brockway v. Allen .

109 Wood v. Mytton 44 Brooke v. Edson.,

30 Woodcock v. Houldsworth

178 Brown v. Butchers and Drovers Bank 35 Woodward v. Pell 144 Brown v. Gilman

253 Worley v. Harrison 58 Brown v. Jones

218 Worrall v. Halford 108 Brown v. Spofford

252 Wynne v. Jackson. 231 Brown v. Torkington.

124 Buckner v. Curry.

207

Page.

Page. Burtch v. Dent 207 Gantt v. Jones

175 Bullock v. Agburn 112 Gardiner v. Cleveland.

197 Burns v. Rowland 83 Gavin v. Burton .

91 Granite R. Co. v. Bacon.

218 Canfield v. Ives.. 81 Griffin v. Rice..

243 Carll v. Brown.. 143 Gillilan v. Myers

29 Carlton v. Brooks.. 37 Golding's Petition

91 Carmichael v. Pennsylvania Bank.. 188 Gordon v. Rundlett

37 Carter v. McClintock. 82 Gough v. Staats.

242 Caruth v. Thompson 30 Groves v. Brown,

206 Chadsey v. McCreery 67 Gookin v. Richardson

133 Chester v. Dorr

119 Clark v. Sigourney. .83, 133 Hall v. Howard

112 Closson v. Stearns 30 Haskell v. Cornish.

109 Clute v. Small 218 Harden v. Wright

112 Colson v. Arnot. 123 Harris v. Clark

162 Commercial Bank v. Routh. 227 Heast v. Sybert

112 Connor v. Routh.... 58 Henry v. Jones.

158 Cook v. Satterlee 33 Herring v. Woodhull.

132 Corcoran v. Hodges 198 Hodges v, Winton

132 Costello v. Crowell.. 255 | Holmes v. Sinclair

257 Cowperthwaite v. Sheffield 39 | Hopkirk v. Page

179 Cox v. Hodge 207 Hoyt v. Seeley

242 Craft v. State Bank

159 Cribbs v. Adams.. 188 Inghram v. Gibbs

227 Crutchfield v. Easton.

135 Curtis v. Brooks.... 205 Jackson v. Young..

268 Jerome v. Stebbins.

159 Dana v. San Francisco. 40 Johns v. Harrison

79 Dana v. Sawyer 158 Johnson v. Smith

102 Daniel v. Kyle

241 Dart v. Sherwood 257 Kennedy v. Murdick.

124 Day v. Cutler 125 Keyes v. Fenstermaker

159 Dean v. De Lezardi

40 King v. Holmes..

152, 161 Denegre v. Hiriart.. 174 Kingsbury v. Ellis

124 Dickerson v. Burk 257 Kinne v. Ford..

29 Douglas v. Wilkeson 34 Kilgour v. Buckley

53 Dumont v. Williamson 66 Kitchen v. Place...

218 Dyer v. Township of Covington 40 Knowles v. Hill

201 Dykers v. Leather Manufacturers Kobler v. Montgomery

159 Bank.

243 Konig v. Bayard.
Kountz v. Hart

218 Earle v. Page

130 Ellis v. Dunham. 149 Lansing v. Gaine.

30 Evans v. Steel.. 40 Latham v. Jones.

140 Ewing v. Burnett 262 Lehman v. Jones

166 Leonard v. Mason

33 Farmers Bank, Re 244 Lewis v. Schenk

216 Ferris v. Saxton 163 Lieber v. Goodrich.

36 Field v. Nickerson. 159 | Lowe v. Blisse...

55 Fisk v. Eldridge. 67 Lowery v. Stewart..

48 Fort v. Meacher 194 Lumbermans Bank v. Pratt

97 Foster v. Fuller 109 Lyon :v. Marshall

49 Foster v. Hill

197 Franklin v. March

253 Massachussetts Bank v. Oliver .. 151, 175 Freeman v. Boynton 159 Matthews v. Redwine

34 Fritsch v. Heislen 60 Maples v. Wightman..

91

65

Page.

Page. Mechanics Bank v. Lynn 162 Reid v. Morrison.

166 Mick v. Howard 136 | Rice v. Gove

35 Miller v. Hackley 227 | Rice v. Ragland

33 Minturn v. Fisher 182 Roberts v. Mason

166 Mitchell v. Byrne 82 Robertson v. Vogle

180 Mitchell v. DeGrand

72 Rockingham Bank v. Claggett. 207 Morton v. Naylor 39 Russell v. Whipple..

253 Most v. Hicks.

107 Muldrow v. Caldwell. 255 Sayles v. Sim

257 Musselman v. Oakes 48 Schneider v. Irving Bank.

243 Scott v. Depeyster..

264 McArthur v. McLeod 113 Seaver v. Lincoln

159 McBean v. Morrison 35 Seymour v. Leyman

133 McCoy v. Gilmore 253 Shader v. Batchelor

40 McCroillis v. How 91 Shed v. Brett

162 McRae v. Russell 124 Smith v. Applegate

124 Smith v. Kittridge.

112 Nance v. Lary. 77 Smith v. Smith

56 Nash v. Harrington 179 Smith v. Whiting

136 Nash v. Russell 112 Spear v. Pratt..

69 National Bank v. Millard. 242 State v. McLean..

268 Newsom v. Tighen 124 Stoutenberg v. Lybrand

125 New Orleans Canal Co. v. Bry. 179 Sublett v. McKinney.

210 New York Contracting Co. v. Selina Sullivan v. Collins

112 Bank 183 Sussex Bank v. Baldwin

188 Nichols v. Frothingham 58 Swasey v. Vanderheyden

91 Nightingale v. Barneg 111 Swift v. Tyson..

20 Nightingale v. Withington 92 Swope v. Ross.

197 Orear v. McDonald. 159 Taylor v. Davidson

161, 162 Ormsby v. Kendall. 109 Thayer v. Brackett

159 Osgood v. Parsons 48 Tousey v. Taw....

111 Otis v. Harrison 124 Toothaker v. Cornwall

176 Tuten v. Ryan..

97 Palmer v. Stephens

257 Palmer v. Whitney 179 United States v. Hardyman.

272 Pardee v. Lindley

29 United States Trust Co. v. United Parsons v. Armor 83, 237 States Fire Ins. Co.....

268 Pemigewasset Bank v. Rogers 124 People v. Allen

***

268 Washington Mutual Ins. Co. v. Miller 54 People v. Cook 268 Weatherby v. Choate..

112 Persons v. McKibben

132 Wells v. New York Central R. Co.. 265 Philadelphia Bank v. Newkirk 36 Wheeler v. Webster

69 Pine River Bank v. Hodsdon 115 Wheeler v. Wheeler

136 Prescott v. Ward 115 | White v. Heylman..

112 Price v. Sharp.. 214 Wiggins v. Vaught.

34 Williams v. Nichols

112 Quin v. Sterne... 35 Willoughby v. Moulton.

35 Wilson v. Senier..

179 Raigauel v. Ayliff 40 Wogan v. Thompson

175 Raymond v. Sellick 115 Wood v. McMeans.

180 Read v. McNulty 37 | Woodford v. Dorwin.

59 Reed v. Roark 33, 218 | Worden v. Dodge

39

INTRODUCTION

TO THE

LAW OF BILLS OF EXCHANGE.

.

The little document, known under the names of a “Bill A bioge of Exchange," or a “Promissory Note,” whether issued by a banker as a draft or a bank note, or by merchants and others, as a credit security, and which, cosmopolitan in its nationality, has permeated the commerce of the world, and gathered around it a code of universal mercantile law, has been thus described : “A bill of exchange is commonly drawn on a small piece of paper and comprised in two or three lines, and is so noble and excellent, that it is beyond or exceeding any specialty or bond in its punctuality and precise payment; for if once accepted, it must be paid when due, otherwise the acceptor loses his credit.” 1

The negotiable securities called bills of exchange, pro- Qualities of missory notes, bank notes, cheques, and other paper-money notes. securities which partake of their characteristics, are the only species of contract, technically classed by the law under the title of choses in action, which ordinarily carry with them, by transfer, a clear and indefeasable title. They may be said to possess three qualities or characteristics, which distinguish them from all other contracts or chattel rights in property of the species known as choses in action.

1. The title. If any chattel, which can be identified, is 1. Indefeasstolen from its owner, no purchaser, however innocent or ignorant of the theft, can acquire a title to it against the

able in title.

1 Beawes, Lex Mercatoria 561.

2. Certain in amount

true owner. And such owner can claim it at any time, and at any place, if he is able satisfactorily to identify it and establish his original ownership. But if a negotiable bill or note, drawn or indorsed so as to be payable to bearer, be stolen, and transferred by the thief to a third person who is innocent and ignorant of the theft, and who gives value for it to the thief, such person becomes, by his purchase, a bona fide holder for value without notice. He is, as the new Act designates him, "a holder in due course, and acquires an absolute and indefeasable title to the bill or note, and can claim the payment of it from all the prior parties, who may be legally liable to him according to their several contracts.

2. The amount. If a bond, or other chose in action, is transferred to a bona fide holder, it carries with it all its equities and defects of title; and the assignee or holder steps into the shoes of his assignor, and is subject to the contingency of its amount being reduced by set-off or counter-claim, or agreements qualifying its value, between the original parties. No transfer by a thief can give a title to it, or in any way defeat the right or title of the original holder, or any successive holders, of such bond or chose in action. But a bill or note guarantees the right to the whole amount secured by its face, and is subject to no deduction or set-off, at the instance of the original or intervening parties, in the hands of a holder in due course, who has bona fide acquired it for value before maturity. It is like a bank note, a circulating instrument of credit, and part of the commercial currency of the country, and has all the rights of negotiability which, for the public interest and convenience, attach to an ordinary bank note.

3. The consideration. By the usage of merchants, the value stated on a bill or note, is the true consideration, and is conclusively presumed by law to be so; and in the hands of a holder in due course, no evidence is allowable that, at

3. True in consideration.

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