See also:

• BILL

BILL OF See also:

• EXCHANGE

EXCHANGE  , a See also:

• FORM (Lat. forma)

form of negotiable See also:

• INSTRUMENT (Lat. instrumentum, from insincere, to build up, furnish, arrange, prepare)

instrument, defined below, the See also:

• HISTORY

history of which, though somewhat obscure, was ably summed up by See also:

• LORD
• LORD (O. Eng. hldford, i.e. hldfweard, the warder or keeper of bread, hlIf, loaf; the word is not represented in any other Teutonic language)
• LORD, JOHN (1810-1894)

Lord See also:

• CHIEF (from Fr. chef, head, Lat. caput)

Chief See also:

• JUSTICE (Lat. justitia)

Justice See also:

• COCKBURN, ALICIA, or ALISON (1713-1994)
• COCKBURN, HENRY THOMAS (1779–1854)
• COCKBURN, SIR ALEXANDER JAMES EDMUND
• COCKBURN, SIR GEORGE

Cockburn in his See also:

• JUDGMENT

judgment in See also:

• GOODWIN, JOHN (c. 1594–1665)
• GOODWIN, NATHANIEL CARL (1857– )
• GOODWIN, THOMAS (1600-168o)
• GOODWIN, WILLIAM WATSON (1831– )

Goodwin v . Robarts (1875), L.R. ro Ex. pp . 346-358 . Bills of See also:

• EXCHANGE

exchange were probably invented by Florentine See also:

• JEWS
• JEWS (Heb. Y8hudi, man of Judah; Gr. 'Iovbaiot; Lat. Judaei)

Jews . They were well known in See also:

• ENGLAND
• ENGLAND, THE CHURCH OF

England in the See also:

• MIDDLE

middle ages, though there is no reported decision on a See also:

• BILL

bill of exchange before the See also:

• YEAR

year 1603 . At first their use seems to have been confined to See also:

• FOREIGN

foreign bills between See also:

• ENGLISH

English and foreign merchants . It was afterwards extended to domestic bills between traders, and finally to bills of all persons, whether traders or not . But for some See also:

• TIME (0. Eng. Lima, cf. Icel. timi, Swed. timme, hour, Dan. time; from the root also seen in " tide," properly the time of between the flow and ebb of the sea, cf. O. Eng. getidan, to happen, " even-tide," &c.; it is not directly related to Lat. tempus)
• TIME, MEASUREMENT OF
• TIME, STANDARD

time after they had come into See also:

• GENERAL
• GENERAL (Lat. generalis, of or relating to a genus, kind or class)

general employment, bills were always alleged in legal proceedings to be See also:

• DRAWN

drawn secundum usum et consuetudinem mercatorum . The See also:

• FOUNDATIONS

foundations of See also:

• MODERN

modern English See also:

• LAW
• LAW (0. Eng. lagu, M. Eng. lawe; from an old Teutonic root lag, " lie," what lies fixed or evenly; cf. Lat. lex, Fr. loi)
• LAW, JOHN (1671—1729)
• LAW, WILLIAM (1686-1761)

law were laid by Lord See also:

• MANSFIELD
• MANSFIELD, RICHARD (1857-1907)
• MANSFIELD, WILLIAM MURRAY, 1ST EARL

Mansfield with the aid of juries of See also:

• LONDON

London merchants . No better tribunal of See also:

• COMMERCE
• COMMERCE (Lat. commercium, from, cum, together, and rnerx, merchandise)

commerce could have been devised . Subsequent judicial decisions have See also:

• DEVELOPED

developed and systematized the principles thus laid down . Promissory notes are of more modern origin than bills of exchange, and their validity as negotiable See also:

• INSTRUMENTS

instruments was doubtful until it was confirmed by a See also:

• STATUTE

statute of See also:

• ANNE (1665-1714)
• ANNE (1693-1740)

Anne (1704) .

Cheques are the creation of the modern See also:

• SYSTEM

system of banking . Before 1882 the English law was to be found in 17 statutes dealing with isolated points, and about 2600 cases scattered over some 300 volumes of reports . The Bills of Exchange See also:

• ACT (Lat. actus, actum)

Act 1882 codifies for the See also:

• UNITED

United See also:

• KINGDOM

Kingdom the law See also:

• RELATING

relating to bills of exchange, promissory. notes and cheques . One See also:

• PECULIAR

peculiar Scottish See also:

• RULE

rule is preserved, but in other respects See also:

• UNIFORM

uniform rules are laid down for England, See also:

• SCOTLAND
• SCOTLAND, CHURCH OF
• SCOTLAND, EPISCOPAL CHURCH OF

Scotland and See also:

• IRELAND
• IRELAND, CHURCH
• IRELAND, CHURCH OF
• IRELAND, JOHN (1761-1842)
• IRELAND, JOHN (1838- )
• IRELAND, WILLIAM HENRY (1777-1835)

Ireland . After glancing briefly at the history of these instruments, it will probably be convenient to discuss the subject in the See also:

• ORDER
• ORDER (through Fr. ordre, for earlier ordene, from Lat. ordo, ordinis, rank, service, arrangement; the ultimate source is generally taken to be the root seen in Lat. oriri, rise, arise, begin; cf. " origin ")
• ORDER, HOLY

order followed by the act, namely, first, to treat of a bill of exchange, which is the See also:

• ORIGINAL

original and typical negotiable instrument, and then to refer to the See also:

• SPECIAL

special provisions which apply to promissory notes and cheques . Two salient characteristics distinguish negotiable instruments from other engagements to pay See also:

• MONEY

money . In the first See also:

• PLACE (through Fr. from Lat. platea, street; Gr. IrAar6s, wide)

place, the assignee of a negotiable instrument, to whom it is transferred by See also:

• INDORSEMENT, or ENDORSEMENT (from Med. Lat. indorsare, to write upon the dorsum, or back)

indorsement or delivery according to its See also:

• TENOR (through Fr. and It. from Lat. tenor, holding on, course, sense of a law, tone)

tenor, can See also:

• SUE, EUGENE [JosEPH MARIE] (1804—1857)

sue thereon in his own name; and, secondly, he holds it by an See also:

• INDEPENDENT

independent See also:

• TITLE (0. Fr. title, mod. titre, from Lat. titulus)

title . If he takes it in See also:

• GOOD, JOHN MASON (1764-1827)

good faith and for value, he takes it See also:

• FREE

free from " all equities," that is to say, all defects of title or grounds of See also:

• DEFENCE
• DEFENCE (Lat. defendere, to defend)

defence which may have attached to it in the hands of any previous party . These characteristic privileges were conferred by the law See also:

• MERCHANT (O. Fr. marcheant, modern marchand; from Lat. mercari, to trade, merx, goods, merchandise)

merchant, which is See also:

• PART

part of the See also:

• COMMON

common law, and are now confirmed by statute . See also:

• DEFINITION (Lat. definitio, from de-finire, to set limits to, describe)

Definition.—By § 3 of the act a bill of exchange is defined to be " an unconditional order in See also:

• WRITING
• WRITING (the verbal noun of " to write," O. Eng. writan, to inscribe)

writing, addressed by one See also:

• PERSON, OFFENCES AGAINST THE

person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or deter-minable future time a sum certain in money to or to the order of a specified person, or to See also:

• BEARER

bearer."' The person who gives the order is called the drawer . The person thereby required to pay is called the drawee . If he assents to the order, he is then called 1 This is also the definition given in the United States, by § 126 of the general act relating to negotiable instruments, prepared by the See also:

• CONFERENCE

conference of See also:

• STATE
• STATE, GREAT OFFICERS OF

state commissioners on uniform legislation, and it has been adopted in the leading states .

the acceptor . An See also:

• ACCEPTANCE (Lat. acceptare, frequentative form of accipere, to receive)

acceptance must be in writing and must be signed by the drawee . The See also:

• MERE
• MERE, ADALBERT (1838-1909)

mere See also:

• SIGNATURE (through Fr. from Lat. signature, signare, to sign, signum, mark, token, sign)

signature of the drawee is sufficient (§17) . The person to whom the money is payable is called the payee . The person to whom a bill is transferred by indorsement is called the indorsee . The generic See also:

• TERM

term " holder" includes any person in See also:

• POSSESSION
• POSSESSION (Lat. possessio, possidere, to possess)

possession of a bill who holds it either as payee, indorsee or bearer . A bill which in its origin is payable to order becomes payable to bearer if it is indorsed in See also:

• BLANK (from the Fr. blanc, white)

blank . If the payee is a fictitious person the bill may be treated as payable to bearer (§ 7) . The following is a specimen of an See also:

• ORDINARY (med. Lat. ordinarius, Fr. ordinaire)

ordinary form of a bill of exchange: See also:

• LOO (formerly called " Lanterloo," Fr. lanturlu, the refrain of a popular 17th-century song)

loo LONDON, Ist See also:

• JANUARY

January 1901 . Three months after date pay to the order of Mr J . See also:

• JONES
• JONES, ALFRED GILPIN (1824-1906)
• JONES, EBENEZER (182o-186o)
• JONES, ERNEST CHARLES (1819-1869)
• JONES, HENRY (1831-1899)
• JONES, HENRY ARTHUR (1851- )
• JONES, INIGO (1573-1651)
• JONES, JOHN (c. 1800-1882)
• JONES, MICHAEL (d. 1649)
• JONES, OWEN (1741-1814)
• JONES, OWEN (1809-1874)
• JONES, RICHARD (179o-1855)
• JONES, SIR ALFRED LEWIS (1845-1909)
• JONES, SIR WILLIAM (1746-1794)
• JONES, THOMAS RUPERT (1819– )
• JONES, WILLIAM (1726-1800)

Jones the sum of one See also:

• HUNDRED

hundred pounds for value received .