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able on demand acceptor or maker action in debt adopted arisen assumpsit bank become due begins to run bill of exchange Bills and Notes cancel certificate of deposit certified check chants chose in action circulate as money cited common law conditional payment consideration courts creditor custom of merchants Dean Ames debtor decisions defendant Dennistown depositor dishonored instrument doctrine drawer or indorser Eaym equity extinguished following the custom foreign bill held instrument is taken instrument payable issue law merchant LAW OF BILLS legal effect maker or acceptor Mass materially altered ment N. Y. Supp negotiable instru negotiable instrument notice of dishonor opinion ordinary party payable on demand payee plaintiff pre-existing debt presented for acceptance presented for payment principle promissory note payable protest for non-payment provides reasonable rule simple contract Singer Mfg specialty statute of limitations taken for value tion transfer U. S. Sup Wend
Page 71 - Value is any consideration sufficient to support a simple contract. An antecedent or pre-existing debt constitutes value ; and is deemed such whether the instrument is payable on demand or at a future time.
Page 82 - Where a negotiable instrument is materially altered without the assent of all parties liable thereon, it is avoided, except as against a party who has himself made, authorized or assented to the alteration, and subsequent indorsers. But when an instrument has been materially altered and is in the hands of a holder in due course, not a party to the alteration, he may enforce payment thereof according to its original tenor.
Page 96 - A written notice need not be signed, and an insufficient written notice may be supplemented and validated by verbal communication. A misdescription of the instrument does not vitiate the notice unless the party to whom the notice is given is in fact misled thereby.
Page 94 - When the day of maturity falls upon Sunday, or a holiday, the instrument is payable on the next succeeding business day. Instruments falling due on Saturday are to be presented for payment on the next succeeding business day, except that instruments payable on demand may, at the option of the holder, be presented for payment before twelve o'clock noon on Saturday when that entire day is not a holiday.
Page 97 - A check must be presented for payment within a reasonable time after its issue or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay.
Page 69 - that the laws of the several States, except where the Constitution, treaties, or statutes of the United States shall otherwise require or provide, shall be regarded as rules of decision in trials at common law in the courts of the United States, in cases where they apply.
Page 75 - Such being the character of the instrument, the question as to when the Statute of Limitations begins to run is not debatable. It has been held invariably that the statute commences to run against a promissory note payable on demand from the date of the note, and that no special demand is necessary to put it in motion ; which follows, from the rule, that no demand before suit is required in order to give a right of action upon a demand note.
Page 99 - It implies that the check is drawn upon sufficient funds in the hands of the drawee, that they have been set apart for its satisfaction, and that they shall be so applied whenever the check is presented for payment. It is an undertaking that the check is good then and shall continue good, and this agreement is as binding on the bank as its notes of circulation, a certificate of deposit payable to the order of the depositor, or any other obligation it can assume.
Page 96 - The notice may be in writing or merely oral and may be given in any terms which sufficiently identify the instrument, and indicate that it has been dishonored by non-acceptance or non-payment. It may in all cases be given by delivering it personally or through the mails.