Bailments, Carriers and Sales Volume 3; With Questions, Problems and Forms and Text of Uniform Sales ACT and Unifrom Bills of Lading ACT

Overview

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. 1920 Excerpt: ...custom of receiving money in one place to be paid out by an order upon their correspondents in another. The merchants who traveled from country to country to trade and attend the various marts and fairs were thus saved the expense and risk of transporting money in specie."--Street, Foundations of Legal ...
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Overview

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. 1920 Excerpt: ...custom of receiving money in one place to be paid out by an order upon their correspondents in another. The merchants who traveled from country to country to trade and attend the various marts and fairs were thus saved the expense and risk of transporting money in specie."--Street, Foundations of Legal Liability, Vol. 2, Ch. 31. For instance, suppose that merchant A in the city of X has business with parties in the city of Y, and merchant B in the city of Y has business with parties in the city of X. If A and B arrange for each to accept the other's drafts upon him, funds need not pass between X and Y except upon periodical adjustment of accounts. Variations of this situation could be suggested, but the example 6hows the convenience of the draft or bill of exchange to perform the function mentioned. Sec. 2. PECULIARITIES OF NEGOTIABLE PAPER AS DISTINGUISHED FROM INSTRUMENTS NOT NEGOTIABLE. Negotiable paper is distinguishable from other forms of simple contracts (1) in the quality of its transferability as above described, (2) in the fact that a consideration will be presumed, and (3) in the allowance of days of grace after maturity (now generally abolished). Negotiable paper has three qualities distinguishing it from other forms of indebtedness. (1) Transferability, as above described. This led to the following incidents: (a) Manner of transfer, being, in certain cases, by mere delivery, and, at most, by mere indorsement of the name of the payee or other holder. (b) Acquisition of title by transferee without necessity of notice to debtor that he has acquired it; for, being negotiable, the debtor must always bear in mind that it may have been negotiated. (c) Title of transferee unaffected by equities, as explained above. (d) The establishment of rules g...
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Product Details

  • ISBN-13: 9781150430978
  • Publisher: General Books LLC
  • Publication date: 5/28/2012
  • Pages: 114
  • Product dimensions: 7.44 (w) x 9.69 (h) x 0.24 (d)

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