Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1874-09-18
Business Law.

The following compilation of business
law is worth a careful preservation, as it
contains the essence of IL large amount of
legal verbiage:
A note made Oh Sunday is void.
Contracts made Oh Sunday cannot be en-
forced.
A contract made with minor is void.
A contract with lunatic is void.
A note obtained by fraud, or from q per-
son in IL state of intoxication, cannot be
collected.
1t is a fraud to conceal q fraud.
Ii note is lost OF stolen, it does not re-
lease the maker he must pay it, if the
consideration for which it was given and
| the amount Can be proven.
| Notes bear interest only when SO stated.
| Principals are responsible for the acts Of
| their agents.
Each Individual in partnership is re-
| sponsible for the whole amounts of the debts
of the firm, except in case OF special pa1t-
1,ersbip.
| Ignorance Of the law excuses no one.
| The law compels no one to do impossi-
bilities
An agreement without consideration is
void
Signatures made with /; lead pencil are
| good i'll law.
A receipt for money is not always con-
| elusive.
The acts of one partner bind all the
rest.
"Value received" is usually written in a
note, and should be, but it is not necessary.
If not written it is presumed by the law, OF
may be supplied by proof.
The maker OF an accommodation bill
or note lone for which he has received nu
consideration, having lent his name OIL
credit for the accommodation of the hold
err is not bound to The person accommo,
dated, but is bound to all other parties
precisely as if there was a good considera-
| ton.
No consideration is sufficient in law if
it be illegal i'll it's nature.
| Checks OF drafts must be presented for
| payment without unreasonable delay.
| Checks OF drafts must be presented du-
ring business hours; but in this country.
except in the case of banks, the time eX-
tends through the day and evening.
If the drawee of a draft OF check has
! changed his residence, the holder must use
due OF reasonable diligence to find him.
If one who holds a check as payee OIL
otherwise, transfers it to another, he has !,
right to insist that the check be presented
that day, or, at farthest, on the day fol
lowing.
A note endorsed in blank 1.-THE name OF
the endorse: only written, is transferable
by delivery, the same us if made payable to
bearer.
The time of payment of a note must not
depend upon a contingency. The promise
must be absolute.
A bill may be written upon any paper, OF
substitute for it, either with ink or pen
Gil.
The payee should be distinctly named in
the note, unless it is payable to bearer.
An indorSee has a right of action against
all whose names were OH the bill when he
! received it.
If the letter containing protest of nom
payment be put into the post-oftice. any
miscarriage does not affect the party giving
notice.
Notice Of protest may lie sent either to
the place Of business or of residence of the
party notified.
The loss of a bill or note is not sufficient
excuse for not giving notice of protest.
The holder Of note may give notice OF
protest either to all previous endorsers OF
only to one Of them in case of the latter
he must select the last endorser, and the
last must give notice to the last before
him, and so on. Each endorser must send
notice the same day OF the following
Neither Sunday or legal holiday is to be
counted in reckoning time in which notice
is to be given.
Ii two or more persons as partners art
jointly liable On Il note or bill, due notice
to one of them is sufficient.
II anote OF bill is transferred as securi
ty, OF even as a payment OF a pre-eXiStine
debt, the debt revives if the bill OF no6e bt
dishonored.
An Endorsement may be written on the
face or back
An indorser may prevent his own liabil
ity to be sued by writing without Re
course" OF similar words.
All claims which do not rest upon d SEQ
or jMlnnent must be sued within thres
years from the time when they arise.
Part payment Of a debt which has passed
the time of statutory limitation revive.
the whole debt, and a claim holds good fo1
another period of three years from the date
of such partial payment.
A verbal promise to pay, made without
condition, is generally held as sufficient t.
revive a claim. otherwise shut cut by the
law of limitation.
If i; debtor owes several debts, and pay
a sum of money to the creditor, he has The
| right to designate the particular debt te
! which the payment shall apply, and the
creditor must SO appropriate it.
If, when the debt is due, the debtor il
out Of the State, the ''three years" do moi
L
terWard leave the State, the time forware
counts the same as if he remained in the
State.
Except i'll the case Of absence from thu
State the three years. begin when til,
bill OF account is due. In case of note il
demand, they count from the time of thu
demand.
The statute of limitation does not voi(
or cancel the debt, but only provides thai
no action in the law may he maintained
after given time. The statute does MOI
affect collateral security
An oral agreement must be proved by
evidence. i written agreement proves
itself. The law prefers written to ora
evidence, because of it's precision.
No evidence may be introduced to con
tradjct OF cary a written contract; but il
may be received in order to explain it W el
such contract is in need of explanation.
Written instruments are to be construed
and interpreted by the law according tt
the simple, customary and natural mean
ing of the words used.
The finder OF negotiable paper, as o1
all other property, must make reasonable
efforts to find the owner before he is en-
titled to appropriate it for his own pur
poses. If the finder conceal it he is liza
bic to be charged with larceny or theft.
Joint payeeS OF bill or note, who are
not partners, must all join in an endorse
ment.
One may make a note payable to his cwl
order and indorse it in blank. He must
then write his name upon it's back or across
its face, the same as any other indorser.
After the death Of d holder of bill OF
note his executor or administrator may
transfer it by Endorsement.
|
DEATH OF CAPTAIN S. w. WOOD.-The
Norfolk papers announce the death in
Hampton, last Friday, of Captain Samuel
Williams Wood, president of the Virginia,
Pilots Association. He was in his sixty
eighth year. In 1874, he represented Eliza
beth City county in the Legislature. Du-