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Free Books / Society / Law / Bills And Notes, Guaranty And Suretyship, Insurance, Bankruptcy / | ![]() |
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Section 4. The Order |
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This section is from the book "Popular Law Library Vol9 Bills And Notes, Guaranty And Suretyship, Insurance, Bankruptcy", by Albert H. Putney. Also available from Amazon: Popular Law-Dictionary.
The most essential characteristic of a bill of exchange is the order to pay. No particular words are necessary, but there must be an absolute order to pay.2 There must be something more than the asking of a favor,3 or the conferring the authority to make payments if the drawee chooses to do so.4
1 Some other definitions are as follows: "An unconditional order from A to B directing B to pay C a certain sum of money therein named." Byles on Bills. "An unconditional order in writing addressed by one 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 determinable future time, a sum certain in money to or to the order of a specified person or to bearer." English Bills of where the following was held not to be a bill: "Please to send £10 by bearer, as I am so ill I cannot wait upon you." 4 Hamilton vs. Spottiswoode, 4 Exch., 200.
Exchange Act, Sec. 3.
2 Patterson vs. Poindexter, 6 W &
S. (Pa.), 227, 40 Am. Dec, 554; Little vs. Slockford, M. & M., 171, 22 E. C. L., 280.
3 Ellar's Case, 1 Block, C. C, 323.
 
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