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SUMMARY OF THE LAW OF
BILLS OF EXCHANGE
SECT. 1. What a Bill or Note is.
6. Place of Making, p. 22.
7. Place of Payment, p. 25.
8. Payee, p. 25.
9. Signature, p. 31.
10. Attestation, p. 33.
11. Expressing Value received, p. 34.
13. Legal Obligation of a Bill or Note, p. 36.
A BILL of Exchange is a written order or request, and a Promissory Note a written promise, for the payment of money absolutely and at all events, the one owing its existence and privileges to the law and custom of merchants, the other to the 3d and 4th Anne, c. 9. (1)
(1) Before the statute of Queen Anne many attempts were made to put promissory notes on the footing of bills of
The person who makes a bill is called the Drawer, the person to whom it is addressed the
exchange, but without success, vide Pearson v. Garrett, 4 Mod. 242. Clerke v. Martin, Lord Raym. 757. Salk. 129. Burton v. Souter, Lord Raym. 774. and Williams v. Cutting, Lord Raym. 825. Salk. 24. 7 Mod. 154. 11 Mod. 24. and see 4 Term. Rep. 151, 152.
By the 3d and 4th Anne, c. 9. §1. Whereas it hath been ' held, that notes in writing, signed by the party who makes the < same, whereby such party promises to pay unto any other person, or his order, any sum of money therein mentioned, are not assignable or indorsable over, within the custom of 'merchants, to any other person; and that such person to 'whom the sum of money mentioned in such note is payable, 'cannot maintain an action by the custom of merchants against 'the person who first made and signed the same; and that any person to whom such note should be assigned, indorsed, or 'made payable, could not within the said custom of merchants, ' maintain any action upon such note against the person who 'first drew and signed the same:' Therefore, to the intent to encourage trade and commerce, which will be much advanced, if such notes shall have the same effect as inland bills of exchange, and shall be negotiated in like manner: Be it enacted, that all notes in writing, that after the 1st day of May, in the year of our Lord 1705, shall be made and signed by any person or persons, body politic or corporate, or by the servant or agent of any corporation, banker, goldsmith, merchant or trader, who is usually, intrusted by him, her or them, to sign such promissory notes for him, her or them, whereby such person or persons, body politic and corporate, his, her or their servant or agent as aforesaid, doth or shall promise to pay to any other person or persons, body politic and corporate, his, her or their order, or unto bearer, any sum of money mentioned in such note, shall be taken and construed to be, by virtue thereof, due and payable to any such person or persons, body politic and corporate, to whom the same is made payable, and also every such note payable to any person or persons, body politic and corporate, his, her or their order, shall be assignable or indorsable over,