A Treatise of the Law of Bills of Exchange, Promissory Notes, Bank Notes and Checks
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. 1891 edition. Excerpt: ...drawee and he be directed to pass it to the credit of the holder, and do so credit it, the bill is fimctiu officio, and cannot be further negotiated; Savage v. Mcrlo, 5 Pick. (Mass.), 85. Where a promissory note that has been negotiated comes into the possession of one of the parties liable to pay it, such possession is prima facie evidence of payment by him, and he is to be treated as the bona fide holder unless the contrary is made to appear: 233 The party paying a bill or note has a right to insist on its being delivered up to him.1 But where the bill or note is not negotiable he cannot refuse to pay it till it is delivered up.' It was formerly held that a party paying a debt could not in general demand a receipt for the money, and therefore that a tender, on condition of having a receipt, was insufficient.4 It has, however, been law since 43 Geo. 3, c. 126, s. 5, that a person to whom money has been paid is bound to give a receipt, and that if he refuse to fill up a blank stamp paper presented to him for that purpose, and to pay the stamp, he becomes liable to a penalty of 1QL It is usual to write a receipt on the back of bills, and it has been said that it is the duty of bankers to make some memorandum on bills or notes which have been paid.8 A receipt on a bill or note, duly stamped, does not require an additional etamp.' And a receipt on a distinct piece of unstamped paper, though it cannot be looked at as evidence of the payment, may be shown to a witness who has signed it to refresh his memory, and enable him to speak to the fact of payment.8 A receipt on the back of a bill imports, prima facie, that it has been paid by the acceptor.' McGee v. Prouty, 9 Met. (Mass.), 547. The possession of a bill by the drawee after maturity is prima...
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