tended itself to lawyers, who, as a body, can hardly be expected to display an anxiety to remedy defects which add to their emoluments and consequence. How much of the learning of this profession is wast ed on niceties and difficulties that would readily yield to the spell of an act of Parliament I To the law, however, we owe this sound maxim, that, " unless it has been so expressly declared by the legislature, as it formerly was in the case of usury, and still is as to bills for game debts, illegality of consideration will be no defence in an action at the suit of a bona fide holder, without notice of the illegality, unless he obtained the bill after it became due." (Chitty, 105.) Thus forgery does not vitiate a bill. The forged do. current is good to and against all parties, but those , whose names are forged. Against one whose name is forged, it is true, it will neither support an ac tion nor ground a claim ; " yet if he have given cre dit to acceptances or indorsations as binding on him, forged by the same hand, he will be liable." (3 Esp. N. P. 60. 2 Bell, 250.) Subsequent approbation also does away an objection on the head of forgery or fraud, and generally all sorts of objections other wise competent. This doctrine holds as to vitia tions when the stamp laws are not concerned; but without the consent of parties all vitiations or alters tions of bills in material parts are fatal. (2 Bell, 252.) A clerk or servant may accept a bill for his master if authorised so to do; and authority will be inferred from a sanctioned practice. The law on this point is dangerous, and would require legislative revision. If the servant or agent do not explain the character in which he acts, but subscribes his own name simply, he will bind himself, not his employer. An acceptor may enlarge the term of payment, or accept for a part, or under any other condition not ezpressed in the bill; but in that case it is optional in the holder to take the acceptance as thus offered, or to proceed as if no such of had been made; if rejected, the protest should bear the condition, and the rejection of it ; it should also be kept in view, that a holder who accepts of a limited or conditional ac ceptance, liberates the drawer and prior indorser, un less he have their consent. Blank indorsements are held to be of the date of the bill until the contrary is proved. Indorsements after the term of payment, though for value, do not protect the indorsees hie in dorsements before maturity ; very slight evidence is admitted as proof of knowledge of dishonour, and the holder in that case becomes liable to all exceptions which can be stated against the right of his immediate indorser, or the person who held the bill when it be came due. When acceptance is refused, and the bill returned with protest, action may be raised imme diately against the drawer, though the regular time of payment is not arrived. His debt, in such a case, is considered as contracted the moment the bill was drawn; if the, date of the bill be prior to that of a commission of bankrupt, the debt, in such a case, may be claimed upon. As to current bills, and contingent claims, the case is unfortunately different; in these respects England might derive great help from the law of Scotland.
The drawee, who, having fluids, refuses to is responsible for the consequences to the drawer, and may also be sued for payment by the payee or holder, the presentment and protesting. of the bill for non-acceptance, operating as an intimated assign ment and complete transfer of the debt to the holder, who in Scotland is preferred to any subsequent ar rester. The drawee who has no funds is not bound to accept; but, after protest for non-acceptance, he may accept supra-protest for the honour of the drawer and indorsers, or either of them. A third party may thus accept for honour supra-protest; and whoever does so, if he give immediate notice, and send off the protest, may have immediate recourse on the party or parties for whose honour he has in terfered.
it can be proved, or one by a separate writing, binds the drawee; but in Scotland none but a written ac ceptance on the bill will authorise the usual summa ry diligence. (Chitty, 217-270; 2 Bell, 69-240.) If the drawee had no funds, notice to the drawer is not necessary; but as the not having funds is a mat ter of fact to be proved, it is safer in this, and indeed in all other cases, to give the usual and re gular notice. When a bill is drawn at sonic certain time of sight, presentment is necessary to fix the term of payment. Respecting bills of this descrip tion, both foreign and inland, the general rule is, that due diligence must be used. Foreign bills, so drawn, may be put into the circulation without acceptance as long as the convenience of the successive holders requires; and it has been found not to be Scotland mora, or undue delay) to keep a bill (at three days' sight) out in the circulation for twelve months; but if, instead of circulating, a holder were to lock it up, this wail., be laches. An unaccept ed inland bill may also be put into circulation, and any holder, who does not circulate it, has a reason• able time, such as the fourth day respecting a bill drawn within twenty miles of London, for presenting it there for acceptance. Despatch and attention, however, are always advisable. It is said that when a bill has been already protested for non-acceptance, and due notice thereof given, it is not necessary to or to give notice on account of non-payment; EiTtris usual to do so, and the safer practice. The same rules, and the same time, should be observed _ as to non-payment, that are observed as to protest and notice, an the case of non-acceptance. When inland bills are made payable on a day named and fixed in the bills, it is common• to delay presenting them for acceptance, until they can also be present.. ed for payment, and then, if necessary, to protest for both; but it is better to make a presentment for ac ceptance as soon as it can be done in the ordinary course of business. It has already been stated, that notice either of non-acceptance when a presentment has been made, or for non-payment, must be given to all the parties to whom the holder intends to resort for payment. Bankruptcy is no excuse for ing any step in the negotiation of a bill. If a party be bankrupt, notice of recourse should be given to him and his assignees; if dead, to his executor or administrator; if abroad, the notice should be left at his place of residence, if he have one, and a demand of acceptance or payment (when that is necessary) should be made of his wife or servant. Notice should also be made to one who merely guarantees payment; and a person who subscribes a bill not ad dressed to him, is held to be a collateral security. If notice be made to one indorser, he may give no tice to prior indorsers, or to the drawer; and if done timeously, it will be available to the holder ; but no tice by a party, not party to the bill, nor agent for a party, will not be available.
Accommodation-bills are subject to the same rules as other paper, except among those whoto lend their names or credit. Among them is, that he for whose use the money is to 13e raised, LH provide for the bill; but as all the others have an action of relief when forced to pay, they are en titled to notice. In Scotland this has been extended to the drawer when he is not the party for whom the credit was intended. With respect to cross-paper,' it is held that mutual accommodations exchanged] are good considerations for each other; that in case of bankruptcy, a dividend from any one estate is to be held as payment of all that can be demanded in respect of that debt; and that there can be no dou ble ranking of the same debt. But questions often arise in such cases which require the utmost profes sional skill to comprehend and decide. In a short digest of this nature it is impossible to enter into the niceties of legal questions; and we can only observe generally, that parties should never act in cases of difficulty, without taking the best professional assist ance.
The law respecting bills of exchange is less of fensive to reason than almost any other branch of our law, since, where the law is silent here, re course is had to the custom of merchants. Still there are many points which might easily be proved, if lawyers would set heartily about the work. Lawyers, however, are seldom innovators, though the innovations required be only for the better; and very few others are able to legislate on matters of ju risprudence.
The best authorities respecting the law of bills are the treatises of Chitty and of Bayley as to English law, and Mr Bell's valuable Commentaries on Mer cantile Jurisprudence, as to Scotch law.