BILL of EXCHANGE. 
3 2 
row, and accordingly the bill fliall be accepted;” this does 
not amount to a complete acceptance ; for the mention of 
his books and accounts (hews plainly that he intended only 
to accept the bill in cafe he had effects of the drawer’s in 
his hands. And fo it was ruled by the lord chief-juftice 
Hale, at Guildhall. Malloy, book ii. c. io. 
A foreign bill was drawn on the defendant, and being 
returned tor want of acceptance, the defendant faid, that 
“ if the bill came back again he would pay it this w'as 
ruled a good acceptance. 3 New Abr. 610. If a merchant 
be defired to accept a bill, on the account of another, and 
to draw on a third, in order to reimburfe himfelf, and in 
confequence he draw a bill on that third perfon; the bare 
aft of drawing this bill will not amount to an acceptance 
of the other. 1 Term Rep. 269. An agreement to accept 
or honour.a bill, will in many cafes be equivalent to an 
acceptance., and whether that agreement be merely ver¬ 
bal, or in writing, is immaterial. If A. having given or 
intending to give credit to B. write to C. to know whe¬ 
ther he will accept fuch bills as fliall be drawn on him on 
B.’s account ; and C. return for anfwer, that he will ac¬ 
cept them j, this is equivalent to an acceptance; and a fub- 
iequent prohibition to draw on him on B.’s account, will 
be of no avail, if in faff previous to that prohibition the 
credit has,been given. 2 Burr. 1663. If a book-keeper or 
fervant, or other perfon having authority, or who ufually 
tranfafls bufinels of this nature for the mailer, accept a 
bill of exchange, this fliall bind fuch mailer. 3 New Abr. 
611. If a bill be accepted, and the perlon who accepted 
the fame happens to die before the time of payment, there 
mull be a demand made of his executors or adminillrators ; 
and, on non-payment, a proteft is to be made, although 
the money becomes due before there can be adminiftra- 
tion, See. Forging the acceptance of any bill of exchange, 
or the number or principal fum of any accountable re¬ 
ceipt, is made felony, by flat. 7 Geo. II. c. 22. 
According to the difference in the flile of negotiability 
of bills and notes, the modes of their transfer alfo differ. 
Bills and notes payable to bearer are transferred by deli¬ 
very : if payable to A. B. or bearer, they are payable to 
bearer, as if A. B. were not mentioned. 1 Burr. 452. 1 
Black. Rep. 48,5. But to the transfer of thofe payable to 
order, it is necellary in addition to delivery that there 
fhotild be foniething, by which the payee may appear to 
expiefs his order. This additional eircumftance is the 
indorjcjv.ent ; fo called from being ufually written on the 
back of the note or bill. Where no regulation is made 
by aft of parliament relative to the negotiation of bills or 
notes, no particular form of words is neceffary to make an 
indorfement ; only the name of the indorfor mull appear 
upon it, and it mull be written or figned by him, or by 
fome perfon authorized by him for that purpofe. In- 
dorfements are either in full or in blank ; a full indorfe¬ 
ment is that by which the indorfor orders the money to be 
paid to fome particular perfon, by name ; a blank indorfe¬ 
ment confifts only of the name of the indorfor. Blank in- 
dorfements are moft frequent, indeed almoft univerfal in 
bufinefs, A blank indorfement renders the bill or note 
afterwards transferable by delivery only, as if it were 
payable to bearer; for by only writing his name the in¬ 
dorfor fhevvs his intention that the inflrument Ihould have 
a general currency, and be transferred by every poffeffor. 
Except where reftrained by flatute, the transfer of a bill 
or note may be made at any time after it has iffued, even 
after the day of payment; and, in cafe of bills, where the 
acceptor refides at a diftance from the drawer, is frequently 
made before acceptance. 1 Ld. Raym. 573. 3 Term. Rep. 80. 
3 Burr. 1516. 1 Black. Rep. 485. 
An indorfement may be made on a blank note, before 
the infertion of any date or fum of money, in which cafe 
the indorfor is liable for any fum, at any time of payment 
that may be afterwards inferted ; and it is immaterial whe¬ 
ther the perfon taking the note on the credit of the in¬ 
dorfement knew whether it was made before the drawing 
of the note or not ; for in fuch cafe the indorfement is 
equivalent to a letter of credit for any indefinite fum, 
Doug. 496, (314.) On a transfer by delivery, it is faid 
that the perlon making it ceafes to be a party to, or fecu- 
rity for, the payment of a bill or note ; (1 Ld. Raym. 442. 
12 Mod. 241. 1 Salk. 128.) yet it fe.ems there can be little 
doubt that he is liable in another fort of aftion ; as for 
money had and received, &c. See 3 Term Rep. 737. 4 
Term Rep. 177. 
Where the transfer may be by delivery only, that tranf- 
fer may be made by any perfon who by any means, whe¬ 
ther accident or theft, has obtained the poffeflion; and any 
holder may recover againft the drawer, acceptor, or in¬ 
dorfor in blank, if fuch holder gave a valuable conlidera- 
tion without knowledge of the accident. 1 Burr. 432. 3 
Burr. 1316. 1 Black. Rep. 485. The fame principle applies 
alfo to the cafe of a bill negotiated with a blank indorfe¬ 
ment. Peacock v. Rhodes et al. Doug.611, (613;) where 
the court held, that there was no difference between a bill 
or note indorfed blank, and one payable to bearer,. They 
both pafs by delivery, and poffeflion proves property in 
both cafes. The holder of either cannot with propriety 
be confidered as aflignee of the payee : an afiignee mull 
take the thing afligned, fubjeft to all the equity to which 
the original party was fubjeft : if this rule were applied 
to bills and notes, it would flop their currency, and would 
render it neceffary for every indorfee to enquire into all 
the circumftances, and the manner in which the bill came 
to the indorfor; but the law is now clearly fettled, that a 
holder coming fairly by a bill or note is not to be aftefted 
with the tranfaflion between the original parties. But a 
transfer by indorfement, where that is necellary, can only 
be made by him who has a right to make it, and that is 
ftriflly only the payee, or the perfon to whom he or his 
indorsees have transferred it, or fome one claiming in the 
right of fome of thefe parties. Bills and notes in favour 
of partners mull be indorfed by them all, or at leaft by 
one in the firm of the houfe ; and a bill drawn by two per- 
fons, payable to them or order, muft be indorfed by both. 
Doug. 630, (633.) 
If a bill or note be made or indorfed to a woman while 
Angle, and fhe afterwards marry, the right to indorfe it 
over belongs to her hufband, for by the marriage he is en¬ 
titled to all her perfonal property. 1 Stra. 516. Ca. L. E. 
246. If a man become bankrupt, the property of bills 
and notes of which he is the payee or indorfee veils in his 
aflignees, and the right to transfer is in them only. If the 
holder of a bill or note die, it devolves to his executors 
or adminillrators, and they may indorfe it, and their in¬ 
dorfee maintain an action, in the fame manner as if the in¬ 
dorfement had been made by the teftator or inteflate. But 
on their indorfement they are liable perfonally to the fub- 
fequent parties, for they cannot charge the effefts of the 
teftator. They may alfo be the indorlees of a bill or note 
in their quality of executors or adminillrators ; as where 
they receive one from their teftator or inteflate ; and in 
that character they may bring an aftion on it againft the 
acceptor, or any of the other parties. 3 IVilf. 1. 2 Stra. 
1260. 2 Barnes, 137. 2 Burr. 1223. 1 Term Rep. 487. It 
has been adjudged, that a bill of exchange cannot be in¬ 
dorfed for part, fo as to fubjeft the party to feveral aftions. 
3 New Abr, 610. Cartk. 466. 1 Salk. 65. 
By the aft of drawing a bill, the drawer comes under an 
implied engagement to the payee, and to every fubfequent 
holder, fairly entitled to the poffeflion, that the perfon on 
whom he draws is capable of binding himfelf by his ac¬ 
ceptance, that he is to be found at the place at’which he 
is deferibed to be, if that defeription be mentioned in the 
bill; that, if the bill be duly prefented to him, he will ac¬ 
cept it in writing on the bill itfelf, according to its tenor; 
and that he will pay it when it becomes due, if prefented 
in proper time for that purpofe. In default of any of 
thefe particulars, the drawer is liable to an aflion at the 
fuit of any of the parties before-mentioned, on due dili¬ 
gence being exercifed on their parts, not only for the pay¬ 
ment of the original fum mentioned in the bill, but ajfo 
in 
