Source: https://chestofbooks.com/business/law/Handbook-Law-Of-Contracts/Under-Statutes.html
Timestamp: 2019-04-22 22:45:03+00:00

Document:
84 Stocks v. Dobson, 4 De Gex, M. & G. 15. See "Assignments," Dec. Dig. (Key-No.) § 85; Cent. Dig. §§ 11,9-151.
85 Ward v. Morrison, 25 Vt. 593; Murdoch v. Finney, 21 Mo. 138; Clod-felter v. Cox, 1 Sneed (Tenn.) 330, 60 Am. Dec. 157; White's Heirs v. Prentiss' Heirs, 3 T. B. Mon. (Ky.) 449; Judson v. Corcoran, 17 How. 612, 15 L. Ed. 231; Spain v. Brent, 1 Wall. 624, 17 L. Ed. 619; Laclede Bank v. Sehuler, 120 U. S. 511, 7 Sup. Ct. 644, 30 L. Ed. 704; In re Gillespie (D. C.) 15 Fed. 734; Methven v. Power Co., 66 Fed. 113, 13 C. C. A. 362; Graham Paper Co. v. Pembroke, 124 Cal. 117, 56 Pac. 627, 44 L. R. A. 632, 71 Am. St. Rep. 26; Township of Washington v. First Nat. Bank, 147 Mich. 571, 111 N. W. 349, 11 L. R. A. (N. S.) 471. See "Assignments," Dec. Dig. (Key-No.) § 85; Cent. Dig. §§ 11,9-151.
86 Muir v. Schenck, 3 Hill (N. Y.) 228, 38 Am. Dec. 633; Thayer v. Daniels, 113 Mass. 129; Kamena v. Iluelbig, 23 N. J. Eq. 78; Tingle v. Fisher, 20 W. Va. 497; Newby v. Hill, 2 Metc. (Ky.) 530; Ohio Life Ins. & Trust Co. v. Loss. 2 Md. Ob. 25: Mac-Donald v. Kneeland, 5 Minn. 352 (Gil. 283); Fortunate v. Patten, 147 N. Y. 277, 41 N. E. 572. Bee "Assignments" Dec. Dig. (Key-No.) § 85; Cent. Dig. §§ 149-151.
It remains to mention a class of promises the benefit of which is transferable, under the law merchant, in such a way that the promise may be enforced by the transferee in his own name, without notice to the promisor, and under certain circumstances without risk of being met by many of the defenses which would have prevailed as against his transferror. These contracts are called "negotiable" instruments, for the reason that they may be transferred by "negotiation" as distinguished from "assignment." They include bills of exchange, promissory notes, checks, some classes of corporate bonds for the payment of money, and some other instruments. Most of these instruments are negotiable by the custom of merchants recognized by the courts. Some instruments are negotiable by statute. Promissory notes were put upon the same footing as bills of exchange by the statute of 3 & 4 Anne, c. 9, §§ 1-3, although this statute is generally regarded as only declaratory of the law.
Dakin v. Pomeroy, 9 Gill (Md.) 1; Doering v. Kenamore, 86 Mo. 588; Strong v. Clem, 12 Ind. 37, 74 Am. Dec. 200; Jordan v. Thornton, 7 Ark. 224, 44 Am. Dec. 546. See "Assignments," Dec. Dig. (Key-No.) §§ 1-3; Cent. Dig. §§ 1-5.
88 Norton, Bills & N. (3d Ed.) 200-206.
89 Norton, Bills & N. (3d Ed.) 105-118.
90 Norton, Bills & N. (3d Ed.) 207-215.
91 Norton, Bills & N. (3d Ed.) 216 et seq.
Negotiable instruments may be transferred by assignment as well as by negotiation, but in such case only the equitable as distinguished from the legal title is transferred, and the incidents of the transfer are substantially the same as in the case of the transfer of a mere chose in action, the assignee standing in no better position than his assignor.93 It would be beyond the scope of this book to go further into the law of negotiable instruments.

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