Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-17
No DAYS OF GRACE.
NEGOTIABLE INSTRUMENTS MUST
NJ PAID AT THEIR MATURITY.
SEW LAW EFFECTIVE JULY iST NEXT
II Was Passed by the Last LegisIn-
lure I'm n Gencrai BiIi With Many
Other Provisions. and Hut Few
knew of Its Existence.

10 is not generally known, even i'm
banking circles, that the recent Lceisla -
..re. just before its adjournment. passed
q law aholishing the three days Of grace
.n negotiable Instruments. Such. how
over. is a fact, and after the first dav Of
July next an bank paper will be PAYABLE
its maturity.
Tho clause abolishIng the law recurring
holders Of negotiable instruments TO give
arIra TO makers and endorsers of notes
and other like evidences of debt was
..Htstncd in a general law bearing on
..nkiug transactions, and reads as fol-
I5vs
Every negotiable instrument is pay
able az the time fixed therein, WITHOUT
GRACE. When the day Of maturity falls
upon Sunday or a holiday. the instrument
is payable on the next succeeding bust
ness day. Instruments falling due on
saturday are to be presented for pay
ment on the next succeeding business
day, except that instruments payable on
demand may. at the option Of the holder.
ue presented for payment before Y O'Clock
noon on Saturday, when that entire day
is not a holiday"
WHERE THE LAW ORIGINATED
The bin containing this clause was
known rs House bill 627, and was re-
ported from the Committees on Courts
'f Justice of the Scnate and House, who
considered IL in joint conference. Mr..
saunders, Of Franklin, was the patron
~ the measure in the House, and Mr..
AcllWalne, OF Petersburg, looked after
% iu the Senate. 1t appears to be a we'll
established fact that the House voted
on the measure without realizing all OF
us provisions, tor just n short time be-
fore its passage the lower body defeated
a bill introduced by Mr.. Anderson, OF
Richmond. providing for the adjustment
OF the days of grace.
The general banking law emanated
from the American Bar Association.
though IL had ITS inception with the
Tennessee Bar Association, and came to
The Virginia Legislature from a commits
sion appointed by the Governors Of the
various States. In 1852 the Tennessee Bar
Association. deeming IL advisable thai the
banking laws or the States composing
the federation SHOULD be made uniform.
suggested that the American Bar Assoc
citation take the matter in hand and en-
deavor 10 bring about this result. The
plan was heartily endorsed by the Ameri-
can association. and the best provisions
Of the laws of all the States were massed
IN one bill, 10 'be presented to all the
state legislatures.
COMMISSION APPOINTED.
This being completed. the Governors Of
the States were asked TO appoint com
missions TO consider the measure, and
many Of them complied, Virginia's last
Executive appointing a commission, with
Hon. William +. McRae, of Petersburg,
as chairman. The commission gave the
measure careful consideration with the
result that ii was approved Of and was
presented TO the various legislatures for
enactment into law.
Inc Virginia Salons, accepting the wis
dom Of the eminent lawyers who had
drawn and passed upon the bill, passed
DO without having it read, and hence the
announcement that by il the law Of
grace was abolished viii be a surprise
90 many who voted for it's passage.
The law, which Is exceedingly vOlumi-
and covers almost every bankable
does not contain the usual
clause, this law shall be in force FROM
its passage and hence II viii not be-
effective until July LIST, the time for
an bills TO become operative when no
other time therefor is specified.