OFFICE OF THE A’ITONNEY GENERAL OF TEXAS 

AUSTIN 

451 

Statute8 , and 

“in the bus&to 

b&141) end athe Xsusp4atedtb44bart4r 

up044 stated in ~rtiel4 t 

on is r0rrpad for tb 

ins -n4Y* P=obasiry, 

pllr- 

, bonds and neeuritfes, 

4g44) of aating as trustse 

, ooamittedto it by aontraat 

4rfon~noe 0r 4ny lawful aat, 

'49 or Artiale X502 or the 

aohed t&e aonalusion that the as’ 

1s not a "dealer ia ez(lhan@ &I aontecwUtion oithls rtmate. 

The quated term is nowh@re defined in the statutes, nor La W 

word *4xobfmg4." HOWBIB~, ,FD. the Weijotiable Instruezts m, 

w4 do find the definition of a "bill of 4xohange.* 54~. 126, 

of Art. bS40, Revised Oivll Statutes, mats: 
452 

. 

wA bill or exohti~g4 ie an uooonditicnal OAU &I 

writLn& 4ddnrsed by on4 pes40n ta snother, signad by 

the person g%vIng it, r4puIr5.21~ the person to mbra lt 

is addseased to pay w d4nand or at a flx4d or datmm$aal;4gr4 tlm4 4.4~ a4rtaI.n in monsy to order 

.* 

saotfoms 184 ana 188, of &MO14 ZMV, 24ll44d 

Oi+il f3htut48, itisa a part of the 84eotlclbl.e Ins-t8 

La) Aad am fQllowst I' 

*A rwotiabls p~~&emory mte' rftbln t.54 analas 

’ or t&m Aot 20 an unooadftlonal 

r 

od.e4i.n8rit~d4 

by 0214 person to axmf;her algnsd r th4 maker m 

‘-- to pay on demand, .or at a fired or d4terakrable fihm 

tb; a.sum aert4i.n ia.m4~ t4 Ord4r or t4 b4ar4r. 

rraSn, a note, is draw& $0 th4 mak&s own 4+,i+, 2s s4t 

tlaup1.4t0 until fndorsed by hlln. 

*A oheok 15 a bill of exahaage dr4ma on a W 

PaJsbrs on d-d. IbcoSpt as h%r4in otherrriea proliad, 

th4 provisions oi thl4 aot apylloabl4 to a biLl of em&as@ 

payaU4 on am apply.to 4 abeok.* 

lo*lngt 

Ia V&l. 7, Am. Jux!., .a* pago 790, w4 i3nd &4 fol- 

*BU.s or 4x0h4&4 OT awt8 oanstitute 4mmtd4l 

the draww wishsr to avail hkswelI at th4 plko4 wh4x-4 thm 

bill is wae, th% drawdr be* ta4 party pr5mrl.ly iat4r4sted 

ln, and hn4rited by, th6 tmn@aQtion. By +tds latrG=nt 

of exaban@ thir drmwr appropriat4s ths'fund,'aofilal QT 

antioipatad, ia the ctmm44~6 hand and reoefrer th4 am- 

.aideratlon ror the appropriistion fm ';ba ~4~44 to *a 

the iastruaent of appropriation ia dellvsr4d: Lh4 offSa 

of'th4 Lnstnunsnt Lo .to oolleet ior th4 draper tma th, 

drtn144, see&ding In cusother pla44, money tawhloh the 

'for&m nosy be 4ntitled; sod although draits eo=4tlsa4 

ar4 uOOa r0r misinq money that is not t;le mcas8am 

or ordinary purpose for &oh th4y are e%plo?ad.' 
Hon. Zdgar A. Xaddox, pags 3 

And, at page 795 of the,sam volum oi -tierioJurleprudsnoa, oa find this: 

W%rioua definitions oi a ~ramissory note have 

been given. In general t4m5, it day be defined to be 

a urltt4n promise by on4 perraon to pay to another person 

thorelh named or hint ord4r, or to the bearer, 4 fixed 

sum ot money, et all events, and at a time speoifled 

therein, or et a time whioh mud oartalnly arrive." 

While bills of erohange and pr0mi~00~ notee are 

mioh alike, ther4 ar4 differena4s between theat, thus wocgniz4dd'by our statutes and bythe oommon law. he we underate&, 

th4 oorporatlon in qusation 4-46 in th4 buying of notes, 

nothing 4184. If 80, it does not deal with bills of 6x0-4, 

they being difrerent lnnstxua4nts. Mineral X4118 Investment 

"T 

wan inoorporated uuder olauss Ho. 49 of Artiole 1x12, 

24-1 mea Civil Statutes, readinS as follower 

Vor.any one.or more of the following purposesr 

To aooumulate and lend mne , purchase, 8411 and deal 

in notee, bonds and seourit T 4s. but without banking ad 

dlmiounting prfvilogse; to eot .a6 trustee under any 

,express trust ooa&$ted to them by oonbmot and as 

agent ror the perroix%finOo of any lawful %Ot." 

W4 find authorization ia olau44 No. 66, Art1014 1902, 

to inoorporato 'to bujr, rell . . 6 or others164 deal 12 . , . 

bil&o 0r sxohang4r" Thus, in th4 ~ertiale or our statut4s 

84tMag forth the purpoees ror which private oorporations 

may b4 rorrsaa, we rind on4 sootion authorizing the f orxat20n 

of oorpcratiom to ~purchaa4, sell aa &eel in notea,“ end 

another s4otScn authcriaihg the orgnization 0-r coryratione 

to "buy, s4l.l or othemiee don1 in bi1J.s of exohehge." In 

W4b,bsterca I&w I&4rnational Dictionary, o;ie of the datinitiocs 

given of the nouh nexohangen IS: “8 bill of exohai~~: 3s 

oan asorlbe no other roeaniug to the word "BTOfiBnCe,~ as used 

in hrtiole 7165, than that of bill of 4XOharye, SO fkat C&3 

term “dealer in raxohange; es unred in that statute, xe+vm a 

dealer in bills of exohcnE4. 
,.. .- 

454 

Hon. Ed@P A. Wddosc, page 4 

Other queatlons rSlaO$ng to dealers in exohange 

are eubmitted by you, but they h+hge~ on 8 different anwar 

iPolp the one whiUh we have given to the 

and need not k nvticed in this optaionr 

above question 

In rwr 8aw letter you aldla requeuest our opinion 

in respones to these queetlQns1 

“Sottonda In view of Art1010 889 D, Penal (lode, 

remlatiag transportation for pereons ror hires tramportatlon agenoise for obtalrifng oo-traveler8 to share 

neee# licenses and the deolsfons thereon. IO it 

an lndividuaf. iho has a driverts lloonse 

00 with tha rxi8tlng law8 of the stats of 

Texam W&d whose automobile fs oquipped~wlth ordinary 

paeeenger plats8 and no others to oarry paosengers 

ror hire rr0ap 0116 point in the Stat.3 0r Tectrspr to 

another polqt in the State of Texae? Would the 

opinion be different if the.lndividuaf, had a chaurr8wi3 lloense issued under the existing iawe 0r she 

State oi Texas? Would the first o~inlon on this queetion be diitsrent if the,autoaobile ia equipped with 

oomersreial platea?" 

You have our opinion X?o. O-3770 and w% enclose 

chopi* of Wumbers o-1430 and O-1932. Those opinions nay 

suimiently dlepoae of these quertlon# arcked by you, 

deppending upon faote wMah do not appear in your letter. 

Ir euoh oplr@na do not meet your meid8, we will be glad 

to hear from you in further detail aa to tti'ooperations 

befng oonducted and In whioh you are lntarested. 

Your* very truly 

ATTORNEY GENERAL OF TEXAS 

Glenn R. Lslarie 

Attaletant 

GRUAu14 

EWOLUSURES