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" But the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed. "
Annual Report of the Commissioner of the Banking Department of the State of ... - Page xxvii
by Michigan. Banking Division - 1913
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Annual Report of the Attorney General of the State of Michigan

Michigan. Department of Attorney General - 1903 - 172 pages
...to the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, and which in my opinion should be strictly construed and should be held to apply to no transaction...
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The Southeastern Reporter, Volume 43

1903 - 1036 pages
...paid In, but the discount of bills of exchange drawn in good faith, and the discount of commercial paper actually owned by the person negotiating the same, shall not be considered borrowed money." Section 6, the substance of which was set forth In the defendant's answer, contains...
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McMaster's Commercial Decisions Affecting the Banker and Merchant ..., Volume 6

James Smith McMaster - 1903 - 1004 pages
...paid in, but the discount of bills of exchange drawn in good faith, and the discount of commercial paper actually owned by the person negotiating the same, shall not be considered borrowed money." Section 6, the substance of which was set forth in the defendant's answer, contains...
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Smith's Financial Dictionary

Howard Irving Smith - 1903 - 560 pages
...bank's capital. But the'discount of bills 0' .^change drawn in good faith against actual values and the discount of commercial or business paper actually owned by the person negotiating it is not considered as money borrowed. A national bank cannot loan money on or purchase shares of...
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The National Bank Act: With All Its Amendments Annotated and Explained

John Melville Gould - 1904 - 316 pages
...But the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually...the same shall not be considered as money borrowed." Referred to in Briggs v. Spaulding, 141 US 132, 143, 161 ; Thompson v. Sioux Falls Nat. Bank, 150 US...
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Annual Report of the Commissioner of Banking of State and Mutual Savings Banks

Wisconsin. Banking Dept - 1904 - 572 pages
...discounting of bills of exchange drawn in good faith against actually existing values, and the discounting of commercial or business paper actually owned by...negotiating the same, shall not be considered as money 1xxrrowed ; provided, that by a two-thirds vote of the directors, the liabilities of any person, co-partnership...
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Annual Report of the Commissioner of the Banking Department of the State of ...

Michigan. Banking Division - 1904 - 422 pages
...The borrower may be the maker or the endorser. Pratt's Digest, 94. Our statute provides that in the discount of commercial or business paper actually owned by the person negotiating the same, it shall not be considered as money borrowed. The application of this provision, in my opinion, relates...
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Reports of the Decisions of the Court of Appeals of the State of ..., Volume 18

Colorado. Court of Appeals - 1904 - 696 pages
...one-tenth of its capital stock actually paid in, but that the discount of commercial or business paper owned by the person negotiating the same shall not be considered as money loaned ; it imposes upon the bank the duty of making and transmitting to the comptroller of the currency...
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Acts of the Legislature of the State of Michigan, Part 2

Michigan - 1905 - 754 pages
...but the discount of bills of exchange drawn in good faith against actually existing values and the discount of commercial or business paper actually...other collateral securities authorized by this act, and deposited with the bank : Provided, however, That by a twothirds vote of directors, the liabilities...
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The Federal Statutes Annotated: Containing All the Laws of the ..., Volume 5

United States - 1905 - 1032 pages
...But the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually...the same, shall not be considered as money borrowed. [RS~\ Act of June 3, 1864, ch. 106, 13 Stat. L 108. The object of this provision of the statute was...
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