Nebraska Reports Volume 9

Nebraska Reports Volume 9

By (author) 

List price: US$22.40

Currently unavailable

Add to wishlist

AbeBooks may have this title (opens in new window).

Try AbeBooks

Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1880 edition. Excerpt: ...any other than a general acceptance to pay strictly according to its terms, but having taken this qualified one they are bound by its "terms, and must submit to the legal consequences. Story on Bills of Exchange, 240. With this sort of acceptance acquiesced in, the draft is, in legal effect, precisely the same as if it had been-drawn originally payable on the 1st day of March, 1878, and accepted generally. The measure of the acceptor's liability is the acceptance itself, construed Green v. Raymond. with reference to the law under which it was given. By this test it seems clear to us that he was entitled to three days' grace from March 1, 1878, in making payment, and consequently that the action-as to this draft was prematurely commenced. As already shown, the first cause of action was on an account for which the smaller draft had been drawn, and duly accepted. This draft, too, was negotiable, and under our statute, as well as by the established doctrine, independently of statute, concerning sight drafts, both in England and in this country, entitled to days of grace in time of payment. Parsons-on Notes and Bills, 405, 406. Daniel on Negotiable Instruments, sec. 617. Allowing to this draft the three days of grace, the acceptor was in no default when the suit on the account was commenced. Un-der these circumstances the question is raised whether Raymond Brothers could maintain an action on the account before the maturity of the acceptance, on-offering to surrender it up for cancellation. This acceptance was an express promise to pay the amount due on the account which it represented. It was a higher evidence of the existing indebtedness, and we think had the effect of suspending the original right of action until _it...show more

Product details

  • Paperback | 184 pages
  • 189 x 246 x 10mm | 340g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236806441
  • 9781236806444