B 1 L 



B I L 



a^^ion. (iSalk. 129, 2Ld. Rayra. 757,9.) Butatlength bankers, as arc payable on demand, for payment 00 the day 

 the legiHature recogmzed them and put them upon the in which they are received, if the fuuation of the parties ad- 



Bills of exchange and promifTory notes, \vhich, according 

 to the general principles of law, are to be confidereJ only ai 



fame footing with inland bills of exchange ; by ftatute 3 & 4 

 Ann. e.g. made perpetual by flat. 7 Ann. c. 25. §t.; 

 which enacts that prominbry notes, payable to order or 

 bearer, may be afligned and indorfed, and aftion maintained 

 on them, as on inland bills of exchange. By(lats.i5 Geo. III. 

 c. 51, and 17 Geo. III. c. 30. made perpetual by ftat. 

 27 Geo. III. c. t6. all negotiable notes and bills for lefs 

 than 20s. are declared to be null and void ; and notes or 

 bills between that fum and 5I. mull; be made payable within 

 2 1 days after date, muft particularize the name and dcfcrip- 

 tion of the payees, muft bear date at the time and place in 

 which they are made, mull be attcfted by a fubfcribing wit- 

 nefs, and the indorfement of them mull be attended witii 

 the fame ftriftnefs in all refpefts, and made before the notes 

 or bills become due. The omiffion of anv one of thefe re- 



evidences of a fimple contraft, are however in one refpeft 

 regarded as fpecialties, and on the fame footing with bonds ; 

 for they are prefumed, unlefs the coiitraiy be (hewn by the 

 defendant, to have been made on a good confideration ; nor 

 is it incumbent on the plaintiff either to (licw a confideratioa 

 in his declaration, or to prove it at the trial. 



Bills of exchange, and alfo notes, are atngnable or nego- 

 tiable without any fiction ; and every perfon to whom they 

 are transferred mav maintain an a£tion in his own name 

 againft any one, who has before him in the courfe of their 

 negociation rendered himfelf refponfible for the payment of 

 them. But the inflrumcnt, or writing, which conflitutes a 



gulations and formalities vacates the fecurity, and is penal to good bill or note, muft have certain efftntial qualities. One 



i-:_ .1,-. ....„_„ :. Tjin. -f „...!, , -nr of thefe is, that the bill or note fhould be for the payment of 



money on/y, and not for the payment of money and the do- 

 ing of fome other aft. Another requifite quahty is, that 

 the inftrument muft cany with it a perfonal and certain 

 credit, given to the drawer or maker, not confined to credit 

 on any particular fund. But in the application of this prin- 

 ciple, there is a material diftinftion between bills and notes. 

 With regard to the former, where the fund is fuppofed to 



him that utters it. Bills of exchange and promifTory notes 

 muft now be drav/n on ftamped paper ; and the ftamp is 

 proportioned under ftat. 3 I Geo. III. c. 25. 37G. III. and 

 41 G. III. c. 10. to the amount of the bill from fixpence to 

 three (hillings for fuch as are payable on demand ; and for 

 thofe payable after date from one fliilling to four fhilhngs. If 

 foreig-n bills are drawn here, the whole fet muft be ftamped ; 

 but bills drawn abroad are not liable to any ftamp duty. 



As bills of exchange were firft introduced for the conveni- be in the hands of the drawee, the objection holds in its full 

 ence of commerce, it was formerly thought that they could force, not only becanfe the produflivenefs of the fund is con- 

 neither be drawn nor negoci:ited by any perfon who was tingent and precarious, but bccaufe the credit is not given to 



not aftually a merchant ; but it has been fince decided, that 

 any perfon capable of binding himfelf by a contraft, may 

 draw or accept, or ncgociate a bill of exchange, and by ftat. 

 3 & 4 Ann. c. 9. be a party to a promifTory note. How- 

 ever, an infant cannot be fued on a bill of exchange, nor a 

 feme-covert, except in fuch cafes as fhe i= allowed to aft in 

 as a feme-fole. If a bill is drawn on two joint traders, the 

 acceptance of one binds the other, if it concern the joint 

 trade ; but it is other .vife, if the bill concern the acceptor 



the per/on of the drawer ; but where the fund, on account of 

 which the money is payable, either is in the hands of the 

 drawer, or he is accountable for it, the objection will not hold, 

 becaufe the credit is perfonal to him, and the fund is only 

 the confideration of his giving the bill. With refpedl to a 

 note, if the drawer promife to pay out of a particular fund, 

 then within his power, the note will be good under the fta- 

 tute ; the payment does not depend on the circumftance of 

 the fund's proving unproduclive, or not, but there is an ob- 



only, in a diftincl intercll and refpedl. On the fubjecl of ligation upon his perfonal credit ; the bare making of the 



procuration with regard to bills ; fee Procuration'. 



A promifTory note, when indorled, begins to refem.ble a 

 bill of exchange, for the indorfer of the nol;e correfponds to 

 the drawer of the bill ; the maker to the drawee or acceptor, 

 and the indorfee to the payee : and this refemblance being 

 fixed, the law is precifely the fame in bills of exchange and 

 promifTory notes. It is now a decided point of law, that 



note being an acknowledgment that he has money in his 

 hands. Another effential quality of a good bill or note is, 

 that it muft be abfolutely payable at all events, and not de- 

 pend on any particular circumfiances which may or may not 

 happen in the common courfe of things. No prccife form of 

 words is neceffary to make a bill of exchange or a note under 

 the ftatute ; any order, which cannot be complied with, or 



bills and notes made payable to bearer are equally transfer- promife, which cannot be performed, without the payment 



of money, will make a good bill or note. As the words 

 " value received," have been ufually inferted in bills or notes, 

 fome doubt has occurred, whether they are efftntial. It is 

 now underftood, as a decided point, that thcfe words are not 

 neceffary ; for inftruments of this kind are prefumed to have 

 been made on a valuable confideration j and therefore words, 

 which import no more, cannot be effential. It has been 

 queried, whether it be effential to the conftitution of a bill 

 of exchange, that it fliould contain words which render it 

 negotiable, as " to order," or " to bearer;" and the point 

 has not yet received a judicial decifion. With regard to notes 

 that have not thefe words, the perfon to whom they are 

 made payable, may maintain an action on them, within the 

 ftatute, againft the maker. With regard to the acceptance 

 of bills of exchange. See Acceptance. Forging the ac- 

 ceptance of any fuch bill, or the number or principal fum of 

 any acco\mtable receipt, is m.ade felony byflat. 7 Gco.2. c. 22. 

 The mode of transferring bills and notes is different 

 according to the expreflions which render them negoti- 

 able. Such as are payable to bearer, are transferred by de- 

 3A2 livery; 



rable with thofe payable to order ; and the transfer in both 

 cafes equally confers the right of aftion on the bona fide 

 holder. But the mode of transfer is different ; as bills 

 and notes payable to bearer are transferred by mere delivery, 

 the others by indorfement. 



There are other bills and notes which differ from thofe 

 already defcribed, and which are fecurities for money, be- 

 caufe they arc confidered as money ilfelf. Thefe are " Bank- 

 notes," " Banker's cafh-notes," and " drafts on Bankers," 

 payable on demand. Bank-notes are regarded in ordinary 

 tranfac^ions by common confent as cafh, and they have the 

 credit and currency of money to every effectual purpofe, and 

 feem to be as lawful a tender. (Stat. 5 W. iSc M. c. 20. 

 J 28. 3 Tenn Rep. 554.) Banker's cafh-notes, and 

 drafts on bankers, are confidered among merchants as money, 

 and received in payment as ready calh ; and if the party 

 receiving them do not, within a reaTonable time, demand 

 the money, he muft bear the lofs in cafe of the banker's 

 failure. The precife time is not abfolutely determined ; 

 biK it is held moft advifeable to carry fuch drafts on 



