The law compels no one to do impossibilities.
Ignorance of the law does not excuse an offender, but it does often influence the mercy of the Court in fixing penalty.
He who conceals a fraud is himself a defrauder.
The act of one partner binds all the others.
The seal of a party to a written contract imports consideration.
A contract made with a minor cannot be enforced against him. A note made by a minor is voidable.
A contract made with a lunatic is void.
A contract made on a Sunday is void.
Principals are liable for the acts of their agents.
Agents are liable to their principals for errors.
Each individual in a partnership is liable for the whole amount of the debts of the firm.
In case of the death of the principal maker of a note, the holder is not required to notify a surety that the note is not paid, before the settlement of the maker's estate.
Notes obtained by fraud, or made by an intoxicated person, are not collectible.
If no time of payment is specified in a note, it is payable on demand.
An indorser can avoid liability by writing "without recourse" beneath his signature.
An outlawed debt is revived should the debtor make a partial payment.
Want of consideration - a common defense interposed to the payment of negotiable paper - is a good defense between the original parties to the paper; but after it has been transferred before maturity to an innocent holder for value it is not a defense.
Negotiable paper, payable to bearer or indorsed in blank, which has been stolen or lost, cannot be collected by the thief or finder, but a holder who receives it in good faith before maturity, for value, can hold it against the owner's claims at the time lost.
Sometimes the holder of a paper has the right to demand payment before maturity; for instance, when a draft has been protested for non-acceptance and the proper notices served, the holder may at once proceed against the drawer and indorsers.
If a note or draft is to be paid in the State where it is made, the contract will be governed by the laws of that State. When negotiable paper is payable in a State other than that in which it is made, the laws of that State will govern it. Marriage contracts, if valid where they are made, are valid everywhere. Contracts relating to personal property are governed by the laws of the place where made, except those relating to real estate, which are governed by the laws of the place where the land is situated.
If a negotiable paper, pledged to a bank as security for the payment of a loan or debt, falls due, and the bank fails to demand payment and to have it protested when dishonored, the bank is liable to the owner for the full amount of the paper.
The expression "Value received" should be written in a note, but it is not necessary. If not written, it is presumed by-law, or may be supplied by proof.
No consideration is sufficient in law if it be illegal in its nature. Checks or drafts must be presented for payment without unreasonable delay. Checks or drafts should be presented during business hours ; but in this country, except in the case of banks, the time extends through the day and evening.
If the drawer of a check or draft has changed his residence, the holder must use due or reasonable diligence to find him.
If one who holds a check, as payee or otherwise, transfers it to another, he has a right to insist that the check be presented that day, or, at farthest, on the day following.
A note indorsed, in blank (the name of the indorser only written) is transferable by delivery, the same as if made payable to bearer.
The maker of an "accommodation" bill or note (one for which he has received no consideration, having lent his name or credit for the accommodation of the holder) is not bound to the person accommodated, but is bound to all other parties, precisely as if there was a good consideration.
An indorsee has a right of action against all whose names were on the bill, when he received it.
A bill, note or draft may be written upon any kind of paper, either with ink or pencil.
An indorsement may be written on the face or back.
An indorser may prevent his own liability to be sued by writing "without recourse," or similar words.
The holder of a note may give notice of protest either to all previous indorsers or only to one of them; in case of the latter he must select the last indorser, and the last must give notice to the last before him, and so on. Each indorser must send notice the same day or the day following. Neither Sunday nor any legal holiday is counted in reckoning time in which notice is to be given.
If the letter containing a protest of nonpayment be put into the post-office, any miscarriage does not affect the party giving notice. Notice of protest may be sent either to the place of business or of residence of the party notified.
After the death of a holder of* a bill or note, his executor or administrator may transfer it by his indorsement.
The husband who acquires a right to a draft or note which was given to the wife, either before or after marriage, may indorse it.
Written instruments are to be construed and interpreted by law according to the simple, customary and natural meaning of the words used.
The finder of negotiable paper, as of all other property, must make reasonable efforts to find the owner, before he is entitled to appropriate it for his own purposes. If the finder conceal it, he is liable to the charge of larceny or theft.
Joint payees of a bill of exchange, draft or note, who are not partners, must all join in an indorsement.
An oral agreement must be proved by evidence. A written agreement proves itself. The law prefers written to oral evidence, because of its precision.
No evidence can be introduced to contradict or vary a written contract; but it may be received in order to explain it, when such explanation is needed.