In England the Statute of 17 Geo. III. c. 30 required bills, and all other negotiable instruments under £5, to express the names and respective places of abode of the persons to

but with the words added 'or to his order,' or 'to bearer,' or words equivalent thereto, is in the former case payable to the written order of such person and in the latter case payable to the bearer" (Ib. 8101). Such instrument "payable to the order of the maker or of a fictitious person, if issued by the maker for a valid consideration without indorsement, has the same effect against him and all other persons having notice of the facts as if payable to bearer" (Ib. 8102), and "if made payable to the order of a person obviously fictitious, is payable to the bearer" (Ib. 8103). In Colorado such instruments as are included in the Statute of Anne there enacted require a payee (1877 G. L. p. 110 % 90). So, in Connecticut (Gen. St. Rev. 1675 p. 343 1). In Dakota the same provisions have been enacted as in California (Rev. Code 1877 1823, 1832-1834). In Georgia a promissory note is defined by statute to be a "written promise made by one or more to pay to another, or order, or bearer," &c. (Code 1873 2774). Notes payable to bearer are transferable by delivery (Ib. 2775). In Idaho notes to any person, order or bearer are made negotiable (Rev. L. 1875 p. 652 ? 1). If made payable "to the maker thereof or to the order of a fictitious person and negotiated by the maker, they are equivalent to notes payable to bearer as against the maker and all persons having knowledge of the facts (Ib. 35). In Illinois notes payable to bearer are transferable by delivery, and the indorser is in such case liable as guarantor (1880 R. S. c. 98 % 8). Notes "payable to any person therein named as payee" are assignable by indorsement so that the assignee may sue in his own name, and the assignor is liable if the assignee use due diligence (Ib. ?? 4-7). In Kansas bonds, notes and bills "payable to any person or order, or to any person or bearer, shall be negotiable by indorsement thereon if payable to order, and by delivery if payable to bearer" (1879 Comp. L. c. 14 1). In Kentucky a promissory note made by the maker payable to himself or order and indorsed by him is binding on him (1877 G. S. c. 22 13). In Michigan negotiable notes may be payable "to any other person or to his order, or to the order of any other person, or unto the bearer" (1 Comp. L. 1871 p. 515 ? 1), and if made to the order of the maker or of a fictitious person, and negotiated by the maker, such note has the effect of a note payable to the bearer as against the maker and all persons having knowledge of the facts (Ib & 4). In Minnesota a note payable to the order of the maker or of a fictitious person, and negotiated by the maker, is by statute made equivalent to a note payable to bearer as against the maker and all persons having knowledge of the facts (1878 G. S. c. 23 16). In Missouri negotiable notes may be made payable to bearer (1 R. S. 1879 c. 10 % 547) or order, or to a payee therein named. If made payable to the order of the maker or of a fictitious person, and negotiated by the maker, they are equivalent to notes payable to bearer as against the maker and all persons having knowledge of the facts (1 R. S. 1879 c. 10549; 1877 P. L. p. 36). In Nebraska negotiable instruments must be made payable "to a person or order, or a person or assigns" (1873 G. S. c. 321; 1866 R. S. c. 27). In Nevada all negotiable notes must be to another person than the maker or his order, or to the order of such person or to bearer (1 Comp. L. 1873 c. 59; 1861 P. L. p. 4). If made payable to the order of the maker, or of a fictitious person, and negotiated by the maker, they are equivalent to notes payable to bearer as against the maker and all persons having knowledge of the facts (Ib.) But see Wayman v. Toneyson, 4 Nev. 124 (1868). In New Jersey negotiable notes under the statute must be payable to another person than the maker, or order, or unto bearer (Act of 1795 Pat. Rev. p. 342 8 4; 1874 Rev. p. 897 % 1). So, in New York (2 R. S., ed. 1875, p. 11601; 1 R. L. 1801 p. 151). The New York Revised Statutes contain a further provision similar to that in Nevada,

whom or to whose order the same should be payable. This Act was made perpetual by the Statute of 27 Geo. III. c. 16 and is still in force.1

§ 170. Foreign Statutes.-By foreign statutes the payee's name is generally made a necessary part of every bill of exchange, promissory note or other commercial instrument.2 And in some foreign countries, chiefly those governed by Spanish law, the payee's full name is required. In France and the other countries governed by the Code Napoleon a bill of exchange must be payable to the order either of the drawer or of a third person.*

In Spain and the Spanish American States it is also necessary to a good indorsement of commercial paper that the indorsee's name should be expressed, and if this is not done

supra (2 R. S. p. 1160 % 5). In Ohio negotiable instruments must be payable to "a person or order, or a person, or assigns" (1880 R. S. 3171; 1830 P. L. p. 2171). In Oregon there are the same statutory provisions on this subject as in New York (1872 G. L. c. 48 % 1, 4). In Rhode Island negotiable notes may be payable to "bearer" (1872 G. S. c. 129 3 6). In South Carolina only notes payable "to another person (than the maker) or corporation, or their order, or unto bearer," are made negotiable (1873 R. S. p. 319 8). So, in Tennessee, "to any other person or order, or to the order of any other person" (1871 C. S. 1956; 1762 P. L. c. 9 2). In Vermont notes and bills may be made payable to any person, or order, or bearer (1862 G. S., ed. 1870, p. 508 5). In Wisconsin notes made to the order of the maker, or of a fictitious person, and negotiated by the maker, have the effect of notes payable to bearer as against the maker and all persons with notice (1878 R. S. § 1679).

'Chitty 180. And see 7 Geo. IV. c. 6. And it seems that, in England, such instruments if made payable to bearer are neither negotiable nor transferable, Chitty 188 note m; Quarterman v. Green, 1 C. & P. 92; Hill v. Lewis, 1 Salk. 132.

'Argentine Republic (1862 Code Com. Arts. 776, 916); Bolivia (1834 Code Com. Arts. 362, 463, 469); Brazil (1850 Code Com. Arts. 354, 427); Germany (1848 Exch. Law Art. 4); Austria (1850 Exch. Law Art. 4); Holland (1838 Exch Law Arts. 101, 208, 210); Hungary (1860 Exch. Law ch. 1 8 14); Italy (1865 Code Com. Arts. 196, 273); Nicaragua (1869 Code Com. Arts. 241, 312, 316); Guatemala, Honduras and Paraguay (1774 Ordc. Bilbao c. 13 & 2; ch. 141); Peru (1853 Code Com. Art. 381); Portugal (1833 Code Com. Arts. 321, 426); Sweden and Norway (1851 Exch. Law ch. 11); Switzerland (1805 Zurich 1; 1863 Basle 3; 1859 Berne 3); Uruguay (1865 Code Com. Art. 789); Venezuela (1862 Code Com. Art. 1; Law II. Art. 1).

Chili (1865 Code Com. Arts. 633, 771); Colombia (1853 Code Com. Arts. 384, 517); Costa Rica (1853 Code Com. Arts. 373, 510); Ecuador (same as Spain); Mexico (1854 Code Com. Arts. 223); Peru (1853 Code Com. Art. 522, as to notes); Russia (1832 Exch. Law Art. 541); Salvador (1855 Code Com. Art. 381); Spain (1829 Code Com. Arts. 426, 563).

France (1807 Code Napoleon Art. 110; Bedarride Droit Com. vol. 1 p. 139). The Code Napoleon governs also Belgium, Greece, the Canton of Geneva and Turkey.

R

the indorsement is void.1 The indorsee's name is also required in France and in some other countries, and its omission renders the indorsement a mere power of attorney to collect payment for the indorser.2 In some of the States of South America, while the indorsee's name is necessary to a complete indorsement, an indorsement in blank is nevertheless available, and is equivalent to an indorsement to the order of the bearer. Other foreign statutes, while prescribing that a proper indorsement shall name the indorsee, provide that an indorsement in blank shall carry with it power to the indorsee to fill the blank. And in Russia this is the case even after acceptance of the bill."

3

6

By most foreign statutes it is provided that a bill or note may be made payable to the drawer or maker. But in Germany if a bill or note is made payable in this way and indorsed in blank, it is said to be invalid."

And a bill or note cannot be made payable to bearer in Germany. And formerly such bills were forbidden in

8

1Bolivia (1834 Code Com. Arts. 381, 383); Colombia (1853 Code Com. Art. 426); Costa Rica (1853 Code Com. Art. 416); Ecuador (same as Spain); Mexico (1854 Code Com. Arts. 360, 362); Nicaragua (1869 Code Com. Art. 261); Guatemala, Honduras and Paraguay (1774 Ordc. Bilbao ch. 13 3); Salvador (1855 Code Com. Art. 423); Spain (1823 Code Com. Art. 469).

France (Code Napoleon Arts. 137, 138). This law governs Belgium, Geneva, Greece, Hayti, San Domingo and Turkey. So, too, in Hungary (1860 Exch. Law ? 30, 34); Italy (1865 Code Com. Art. 223); Portugal (1833 Code Com. Arts. 355, 357); Venezuela (1862 Code Com. Arts. 34, 36).

Argentine Republic (1862 Code Com. Arts. 803, 805); Brazil (1850 Code Com. Arts. 361, 362); Uruguay (1865 Code Com. Arts. 822, 823).

* Chili (1865 Code Com. Arts. 658, 661); Sweden and Norway (1851 Exch. Law ch. 112); Switzerland (1863 Basle 12; 1859 Berne & 12).

Russia (1832 Exch. Law Arts. 559, 562).

France (1807 Code Napoleon Art. 110; Bedarride Droit Com. vol. 1 p. 136). This provision of the Code Napoleon is in force also in Belgium, Geneva, Greece, Hayti, San Domingo and Turkey. The statute makes like provision in Bolivia (1834 Code Com. Art. 353); Chili (1865 Code Com. Art. 639); Colombia (1853 Code Com. Art. 388); Costa Rica (1853 Code Com. Art. 377); Denmark (1825 Exch. Law 5); Germany (1848 Exch. Law Art. 6); Austria (1850 Exch. Law Art. 6); Holland (1838 Exch. Law Art. 101); Ecuador (same as Spain); Italy (1865 Code Com. Art. 196); Mexico (1854 Code Com. Art. 325); Peru (1853 Code Com. Art. 387); Portugal (1833 Code Com. Art. 322); Lower Canada (1867 Civil Code ? 2282, 2346); Russia (1832 Exch. Law Art. 541); Salvador (1855 Code Com. Art. 385); Spain (1829 Code Com. Art. 430); Sweden and Norway (1851 Exch. Law ch. 1 § 2); Switzerland (1863 Basle 26; 1859 Berne ? 6); Venezuela (1862 Code Com. Art. 2).

'Thöl W. R. 151.

Thöl W. R. 150.

France; but it is said by Mr. Chitty that they are now allowed.1 In Brazil a note made by a merchant payable to bearer has the same force as a "Provincial Bill" and does not require protest. In the Argentine Republic, notes, duebills and orders may be made payable to bearer and pass by delivery. So, too, in Lower Canada; and, as to promissory notes, in Uruguay; and, as to bills of exchange, in Denmark; while in Mexico and Salvador both notes and certificates of deposit made payable to bearer are void."

6

Leaving a blank for the payee's name renders a bill invalid in Germany. But such blank is permitted and may be filled by a bona fide holder, as at common law, in some of the South American States.9

'Chitty 180; Decrees of June 7th, 1611, and March 1624. See Pothier pl. 221; Chitty 180, and 1 Pardess. 358, as to later law. The Code Napoleon (Art. 110) contemplates the payee being named in a bill of exchange and provides, as we have already seen, only for bills payable to "the order of a third person or of the drawer himself."

'Mexico (1854 Code Com. Art. 452); Salvador (1855 Code Com. Art. 516). Thöl W. R. 150.

'Argentine Republic (1862 Code Com. Art. 776); Uruguay (1865 Code Com. Art. 789).

III. THE DRAWEE.

171. Drawee's Name-In General.

172. Drawee's Name Identical with Drawer or Payee.

§ 171. Drawee's Name-In General.-From the nature of a bill of exchange it follows that the person upon whom it is drawn, and who is expected to pay it, should appear in the instrument. This is usually effected by a direction to the drawee by name, e. g. "To A. B.," with or without his address on the face of the bill at the top or bottom.1 The latter is, however, the more common. In Italy and Holland the direction to the drawee is often placed on the back of the bill. It is a general rule of the common law that the drawee's name should appear on the bill. But the omission of it may be supplied by an acceptance, this being construed to amount either to an admission or waiver of a more formal address. It is also generally required by foreign statutes that the drawee's name should appear. In Italy and in Chili the drawee's full name is requisite ;" and in the Span

3

5

'But if a bill is directed to no one, but signed across its face by A., and in the position usual for the drawee's name by B., the latter is prima facie the drawee and the former an indorser, guarantor or acceptor supra protest, as may be determined by parol evidence, and such evidence is admissible against the payee, Walton v. Williams, 44 Ala. 347 (1870).

2

Byles 89; Chitty 188; 1 Daniel 106; 1 Edwards & 209; 1 Parsons 61; Peto v. Reynolds, 9 Exch. 410; S. C., 11 Ib. 418; Watrous v. Holbrook, 39 Tex. 572 (1873).

3

Byles 89; Chitty 188; Story on Bills 58; Gray v. Milner, 8 Taunt. 739 (1819); S. C., 3 Moore 90; Watrous v. Holbrook, supra. "The acceptance," says Ingraham, J., " may be considered as supplying the defect and as being an admission by the acceptor that he is the person intended. At any rate, it does not lie with him to make such defense after having admitted by the acceptance that he was the person intended and after having promised to pay the draft at maturity. He is estopped by his own act from such a defense," Wheeler v. Webster, 1 E. D. Smith 3 (1850).

*Argentine Republic (1862 Code Com. Art. 776); Belgium (Code Napoleon Art. 110); Bolivia (1834 Code Com. Arts. 362, 463); Brazil (1850 Code Com. Arts. 354, 427); Germany (1848 Exch. Law Art. 4); Austria (1850 Exch. Law Art. 4); Holland (1838 Exch. Law Art. 100); Hungary (1860 Exch. Law ch. 1 14); Nicaragua (1869 Code Com. Art. 241); Peru (1853 Code Com. Art. 381); Portugal (1833 Code Com. Art. 321); Sweden and Norway (1851 Exch. Law ch. 11); Uruguay (1865 Code Com. Art. 789); Venezuela (1862 Code Com. Art. 1).

'Chili (1865 Code Com. Art. 633); Italy (1865 Code Com. Art. 196).