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(place) or his order, the sum of for value received by Witness E. F.
C. D. And the indorsement toties quoties.
(Day) (Month) (Year) Pay the contents to G. H. of (place) or his order. Witness J. C.
(Place) (Day) (Month) (Year) Twenty-one days after date pay to A. B. of (place) or his order, the sum of value received as advised by C. D. To E. F. of (place) Witness G. H.
And the indorsement toties quoties.
(Day) (Month) (Year) Pay the contents to J. H. of (place) or his order. Witness L, M.
By statute 37 Geo. 3. c. 32. the statutes of 15 Geo. 3. and 17 Geo. 3. c. 30. so far as the same relate to the making void of promissory notes, or drafts, or undertakings in writing, payable on demand to the bearer thereof for any sum of money less than the sum of 51. in the whole, and also to restrain the publishing, or uttering, and negotiating of any such notes, drafts or undertakings as aforesaid were after 2d March 1797 suspended; and by various statutes, and ultimately by 3 Geo. 4. c. 70. the suspending statute of 37 Geo. 3. was continued. But now by statute 7 Geo. 4. c. 6. s. 1. (see Appendix, No. 3.) the 3 Geo. 4. c. 70. is repealed, whereby the statute 37 Geo. 3. c. 30. has ceased to operate, and new provisions are enacted for the partial suspension of the 17 Geo. 3. c. 30.
By 7 Geo. 4.c. 6. sec. 2. the statute 17 Geo. 3. c. 30. shall not extend or be construed to extend to any such promissory note or forms of promissory notes payable to bearer on demand of any bankers or banking companies or other person or persons in England, duly licensed, as shall have been stamped before the 5th February 1826, under the provisions of any act or acts relating to the stamp duties upon promissory notes or bills of exchange under the sum of 5l.; nor to any promissory notes of the
of the bank of England, payable to the bearer on demand for any sum under 5l.
which shall have been made out and bear date before the 10th day of October 1826, but all such promissory notes so duly stamped or so made out and bearing date as aforesaid, may be issued and reissued by all such bankers and banking companies, and persons aforesaid, and by the governor and company of the bank of England respectively until the 5th April 1829,
By sec. 3. if any body politic or corporate or any person or persons shall from and after the passing of this act and before 5th April 1829, make, sign, issue or re-issue in England, any promissory note payable on demand to the bearer thereof, for any sum of money less than the sum of 51. except such promissory note or form of note as aforesaid (the notes stamped before 5th February 1826) and except such promissory note of the governor and company of the bank of England as shall have been or shall be made out and bear date before 10th Oc. tober 1826; or if any body politic or corporate, or person or persons shall after 5th April 1829, make, sign, issue or re-issue in England, any promissory note in writing payable on demand to the bearer thereof, for any sum of money less than 5l. then, and in either of such cases, every such body politic or corporate, or person or persons so making, signing, issuing or re-issuing any such promissory note as aforesaid, except as aforesaid, shall for every such note so made, signed, issued or re-issued, forfeit the sum of 201.
By sec. 4. if any body politic or corporate, or person or persons in England, shall from and after the passing of this act publish, utter or negotiate, any promissory or other note, (not being a note payable to bearer on demand, as is hereinbefore mentioned) or any bill of exchange, draft or undertaking in writing, being negotiable or transferable for the payment of 20s. or above that sum and less than 51., or on which 20s. or above that sum and less than 51. shall remain undischarged, made, drawn, or indorsed in any other manner than as is directed by the said act 17 Geo. 3. c. 30. every such body politic or corporate, or person or persons so publishing, uttering, or negotiating any such promissory or other note (not being such note payable to bearer on demand as aforesaid), bill of exchange, draft or undertaking in writing as aforesaid, shall forfeit and pay the sum of 2012
By sec. 5. the penalties under this act which are in lieu of the penalties imposed by 17 Geo. 3. c. 30. may be recovered, &c. in the same manner as penalties under the stamp acts.
By sec. 9. this act is not to extend to any draft or order drawn by any person or persons, on his, her or their banker or bankers, or on any person or persons acting as such banker or bankers for the payment of money held by such banker or bankers, person or persons, to the use of the person or persons by whom such draft or order shall be drawn.
By sec. 10. every promissory note payable to bearer on demand for any sum of money under 201. which shall be made and issued after 5th April 1829, shall be made payable at the bank or place where the same shall be so made and issued as aforesaid, provided that nothing therein contained shall extend to prevent any such promissory note from being made payable at several places, if one of the places shall be the bank or place where the same shall be so issued as aforesaid.
The negotiation in England of promissory notes and bills under 51. issued in Scotland or Ireland, is prohibited by stat. 9 Geo. 4. c. 65. s. 1. by which it is enacted that if any body politic or corporate, or person or persons, shall after 5th April 1829, by any act, device, or means whatsoever, publish, utter, negotiate, or transfer, in any part of England, any promissory or other note, draft, engagement, or undertaking in writing, made payable on demand to the bearer thereof, and being negotiable or transferable for the payment of any sum of money less than 51. or on which less than the sum of 51. shall remain undischarged, which shall have been made or issued, or shall purport to have been made or issued in Scotland or Ireland, or elsewhere out of England, wheresoever the same shall or may be payable, every such body politic or corporate, or person or persons so publishing, uttering, negotiating, or transferring, any such note, bill, draft, engagement, or undertaking, in any part of England, shall forfeit and pay for every such offence, any sum not exceeding 201. nor less than 51. at the discretion of the justice of the peace who shall hear and determine such offence. By sections 2 and 3, the mode of recovering and procuring the remission of the penalties is provided for, and by section 3 the act is not to extend to drafts on bankers. See Appendir, No. 4.
When an action was brought by the payees against the makers of a promissory note in the following form;
We jointly and severally promise to pay Messrs. Q and B. 41. 16s. six months after date," "T. G., T.G. Jun." and it was objected that the note was void, not being attested by a subscribing witness, under 17 Geo. 3. c. 30. Hullock, B. said, “This is a point of great importance. The act only makes void bills and notes which are negotiable or transferable under 5l. value, if not attested, &c. shall not now decide whether this is or is not a note negotiable or transferable. I shall direct the jury to find for the plaintiff, giving the defendant's counsel liberty to move to enter a nonsuit, if the court above are of opinion that this note is within the act.” Quarterman v. Green, i Carr. & P. 92.
Bankers' Notes.] Bankers' cash notes, formerly called goldsmiths' notes, are notes issued by bankers payable on demand, and are in general governed by the same rules as other promissory notes and bills of exchange. See Hill v. Lewis, 1 Salk. 132. Camidge v. Allenby, 6 B. & C. 384. It was formerly held that the notes of goldsmiths (whether they be payable to order or to bearer,) were always accounted amongst merchants as ready cash and not as bills of exchange. Tassell v. Lewis, 1 Lord Raym. 744. But this distinction has been over-ruled by the modern
cases, from which it appears, that Bankers' notes are not to be considered as cash, unless the party receiving them agree to take them as payment, and to run the risk of their being paid. Owenson v. Morse, 7 T. R. 64. and see post, Chap. IV. So they are
money” within the annuity act, 17 Geo. 3. c. 26. Morris v. Wall, 1 B. & P. 208. Cousins v. Thompson, 6 T. R. 336. So it is said by Lord Ellenborough that provincial notes are certainly not money; but that if a party receive them as money, he shall not be allowed to turn round and say that they were only paper and not money. Pickard v. Bankes, 13 East, 20.
By stat. 9 G. 4. c. 23. (See Appendix, No. 5.) bankers are authorised to issue unstamped notes for 5l. or upwards, payable to bearer on demand, or to order, at any period not exceeding seven days after sight or twenty-one days after date, upon paya ment of a composition in lieu of the stamp duties.
Bankers' checks.) A check or draft upon a banker is a written order or request, directed to a banker or person carrying on business as such, requesting the banker to pay to a person named in the check or to the bearer of it. It is a negotiable instrument, and is in general governed by the same rules which regulate bills of exchange. See Boehm v. Stirling, 7 T. R. 430. There is, however, a distinction between checks and bills. A check is intended for immediate payment and not for circu. lation, and therefore it is the duty of the person who receives it to present it for payment on the same or the following day, and if he neglects to do so, and the parties, upon whom it is drawn, should become bankrupts in the meantime, he must bear the loss. Down v. Halling, 4 B. & C. 333. Per Bayley, J., and see post, Chap. VII. In practice, checks have been considered as cash. Thus, where bankers in London received from their customers in the country bills to be presented for payment, and took from the acceptor a check which was dishonoured, the person upon
whom it was drawn having no account with the drawer, it was held that the banker was not guilty of negligence, and the court said, that if they granted a rule to show cause, it would be putting the whole trade of London in suspense. Russell v. Hankey, 6 T. R. 12., but see post, Chap. X. But a check is not “ money” within the annuity act. Poole v. Cabanes, 8 T.R. 328. Checks are exempted from stamps by stat. 55 Geo. 3. c. 184. when drawn as thereby directed. See post, Chap. II.
Bank notes.] Bank notes or notes of the governor and company of the bank of England, payable to the bearer on demand, are considered in some respects as distinct from other promissory notes. These notes are not like bills of exchange, mere securities or documents for debts, nor are so esteemed, but are
treated as money or cash in the ordinary course and transaction of business. By the general consent of mankind, they are as much money as guineas themselves are, and on payment of them, whenever a receipt is required, the receipts are always given as for money, not as for securities or notes. Per Lord Mansfield, Miller v. Race, 1 Burr. 457. 3 Atk. 232. Wright v. Reed, 3 T. R. 554. So in Solomons v. the Bank of England, 13 East, 138, it is said by Grose, J. that bank notes are to be considered as cash. They pass by a will bequeathing the testator's money or cash ; Fleming v. Brook, 1 Scho. & Lef. 318. 1 Burr. 457 ; and may be the object of a donation mortis causâ, Miller v. Miller, 3 P. Wms. 356; and may be described as “ money” in the memorial of an annuity. Wright v. Reed, 3 T. R. 554. Cousins v. Thompson, 6 T.R. 335. It is said to have been held that an action for money had and received will not lie against a person who finds bank notes, unless money has been actually received for them, Noyes v. Price, 16 Geo. 3. Select Cases, 242. see Pickard v. Bankes, 13 East, 20; unless perhaps the receipt of their value may be presumed. Longchamp v. Kenny, Dougl. 138. They cannot be taken in execution. Francis v. Nash, Rep. temp. Hardw. 53. Knight v. Criddle, 9 East, 48. A tender of bank notes is not good, if objected to at the time of tender, but it is good if not objected to. Grigby v. Oates, 2 B. 8; P.526. Wright v. Reed, 3 T.R. 554. Brown v. Saul, 4 Esp. 267. As to the remedy for lost notes, see post, Chap. XV. As to stealing the same and forgery, see post, Chap. XVI, to bank notes under 51. see 7 Geo. 4. c. 6. ante. p. 6.
Coal notes.] By stat. 3 G. 2. c. 26. s. 7. all lightermen or other buyers of or contractors for coals, on board of any ship or vessel in the port of London, shall, at the time of the delivery of such coals, either pay for the same in ready money, or for such part thereof as shall not be paid for, shall give their respective promissory notes or notes of their hands for payment thereof, expressing therein the words value received in coals, payable at such day or days, time or times, as shall for that purpose be agreed upon between such lighterman or other buyer of or contractor for coals, and the master or owner of such ship or vessel or his agent or factor on his behalf, and that all such notes in case of non payment at the respective days and times therein mentioned, shall, and may be protested or noted in such manner as inland bills of exchange may now be, and in default of such protesting and notice by any indorsee, and notice thereof by such indorsee to the respective indorser or indorsers within twenty days after such failure of payment, such respective indorser or indorsers to whom such notice shall not be given, shall not be chargeable with or liable to answer or pay such sum of money as shall be mentioned to be payable by such note or notes, nor