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. 1921 Excerpt: ...receiver of the money to do any special thing, beyond endorsing the bill and presenting it for acceptance and payment, in order to become entitled to receive the money. The bill, by itself, must entitle the holder to receive the money. 5. There must be, in writing, on the bill a promise to pay, signed by the drawee ...
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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. 1921 Excerpt: ...receiver of the money to do any special thing, beyond endorsing the bill and presenting it for acceptance and payment, in order to become entitled to receive the money. The bill, by itself, must entitle the holder to receive the money. 5. There must be, in writing, on the bill a promise to pay, signed by the drawee (the payer). The promise must be made by the person who is to pay the bill, or by someone authorised by him to sign the bill on his behalf. A promissory note is, in itself, a promise to pay by the party signing it. We know that the receiver will be willing to receive. He does not need to sign the note to say so. The unwilling party is usually the payer. In the case of a draft, the drawer signs it first, but it is not a complete bill until the payer (the accepter) signs it, to show that he is willing to pay. If a draft is payable "jointly" (a portion of the amount each) by two parties or more, it requires signing by each party liable, unless they are partners in trade, when the signature of one only binds both. If payable by two or more parties "severally," each being liable for all the amount, if only one signs the bill the promise is complete and binding on him. The promise must be in writing. It may be merely the signature only on a draft, with or without any words, such as "accepted." It may be written on the bill, by the acceptor, before the drawer has signed it. To avoid loss by theft, drafts on customers, if sent by mail for acceptance, are generally left unsigned by the drawer until they are returned duly accepted. A person on whom a bill is drawn may pay it at once, instead of accepting it, but he cannot compel the receiver of the money to allow him discount. Qualified Acceptances If a draft is drawn for ...
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