The Elements of Commercial Law

The Elements of Commercial Law

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1896 edition. Excerpt: ...of borrowing money, it must necessarily pass into the possession of a third party. The indorsee acquires as good title, and in every respect his rights are as perfect, as those of the indorsee of commercial paper. The maker, therefore, cannot successfully defend against the indorsee that he is not the owner, and gave no consideration therefor, or that he knew its real character. The indorsee is no more required to prove the consideration paid by him than he is in other cases. 83. An accommodation note given to a party for his use, without any restriction, can be pledged as security for a debt, and the maker is cut off as completely from making defenses against the person to whom it has been pledged, as the maker of ordinary business paper is against the indorsee. Said an eminent jurist: "He who chooses to put himself, in the front of a negotiable instrument for the benefit of his friend must abide the consequence, and has no more right to complain if his friend accommodates himself by pledging it for an old debt than if he had used it in any other way." CHAPTER X. CHECKS. 1. Additional marks or abbreviations do not qualify a drawer's liability. 2. The law presumes that a check is given in payment of a debt. When the giving of a check does not transfer a deposit, the holder cannot sue the drawee for the amount. 4. Cases in which a check does transfer a deposit. 5. A drawer may stop payment of his check. 6. A check must be immediately presented. 7. A check is not due until payment is demanded. 8. If a drawer has no money his check is a fraud. 9. If payment is refused the holder should protest the check. 10. If this is not done the drawer is still liable unless he has suffered from the delay to present it. 11. A check may be certified. 12....show more

Product details

  • Paperback | 80 pages
  • 189 x 246 x 4mm | 159g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236541960
  • 9781236541963