Money, Banking, and Finance

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American book Company, 1903 - 336 pages

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Page 104 - An unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed
Page 84 - but the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial paper actually owned by the person negotiating the same, shall not be considered as money borrowed.
Page 16 - in the contract, and shall be received for customs, taxes, and all public dues, and when so received may be reissued ; and such notes, when held by any national banking association, may be counted as a part of its lawful reserve.
Page 224 - 3. That all prior parties had capacity to contract. 4. That he has no knowledge of any fact which would impair the validity of the instrument or render it valueless.
Page 153 - exercise by its board of directors, or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking ; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt ; by receiving deposits ; by buying and selling exchanges, coin and bullion ; by loaning money on personal security ; and by obtaining, issuing, and circulating notes.
Page 131 - The highest legal tribunal has declared that " when a promissory note, made payable to a particular person or order, is first indorsed by a third person, such third person is held to be an original promisor, guarantor, or indorser, according to the nature of the transaction, and the understanding of the parties at the time the transaction took place.
Page 133 - In presenting checks for payment two rules must be observed : first, if the person who receives the check and the bank on which it is drawn are in the same place, the check must, in the absence of special circumstances, be presented the same day, or at latest, the day after, it is received.
Page 160 - corporation the president or other officer has been allowed to manage and control its affairs, his authority to represent and bind the corporation may be implied from the manner in which he has been permitted by the trustees or directors of the corporation to transact its business. The acting head of
Page 87 - The duties of directors are those of control, and the neglect which would render them responsible for not exercising that control properly must depend on circumstances and in a great measure be tested by the facts of the case. If nothing has come to their knowledge to awaken suspicion of the fidelity of the president and cashier, ordinary attention to
Page 120 - The three kinds of negotiable paper that are best known in the commercial world are promissory notes, bills of exchange, and bank checks. A promissory note may be defined as a promise or agreement to pay a specific sum at the time therein limited, or on demand, or at sight, to a person named therein, or his order, or to bearer.

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