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. 1889 Excerpt: ...whereby the accomplishment of a bond is rendered impossible, relieves the obligor of all liability. A bond for the payment of money differs from a promissory note only in having a seal. Bills of Sale. A bill of sale is a formal written conveyance of personal property. If the property is delivered when sold, or if part ...
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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. 1889 Excerpt: ...whereby the accomplishment of a bond is rendered impossible, relieves the obligor of all liability. A bond for the payment of money differs from a promissory note only in having a seal. Bills of Sale. A bill of sale is a formal written conveyance of personal property. If the property is delivered when sold, or if part of the purchase money is paid, a written instrument is not necessary to make the conveyance, but it is convenient evidence of the transfer of title. But, to protect the interests of the purchaser against the creditors of the seller, the bill is not sufficient of itself; there should also be a delivery of the property. If an actual and continued change of possession does not accompany the sale it is void as against the creditors of the seller and subsequent purchasers and mortgagees in good faith, unless the buyer can show that his purchase was made in good faith, without in-tent to defraud, and that there was some good reason for leaving the property in the hands of the seller. Guaranty Is an assurance made by a second party that his principal will perform some specific act. For instance, A gives B a note, and C by indorsing the instrument guarantees to B that A will pay it at maturity. C is the guarantor. His liability is special, and if B renews the note when it becomes due he is no longer liable. A guaranty for collection is a very different thing from a guaranty of payment. The first warrants that the money is collectible; the latter, that it will be paid at maturity. In the first case the party guaranteed must be able to prove that due diligence was employed in attempting to collect the money; in the second, no such proof is necessary. The only form necessary in guaranteeing a note is writing one's name across the back of it, --a process c..
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