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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 17
by Michigan. Banking Division - 1892
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The Southern Law Review: And Chart of the Southern Law and ..., Volume 6

1881 - 982 pages
...capital stock paid in. But bills discounted bona fide against existing values, and discount of commercial paper actually owned by the person negotiating the same, shall not be considered as money loaned. Under this section it has generally been held that when such loans have actually been made,...
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Executive Documents, Minnesota ..., Volume 2

Minnesota - 1883 - 882 pages
...bills of exchange drawn in good faith against actually existing values." Second — " The discount of commercial or business paper actually owned by the person negotiating the same." The first of these exceptions needs no elucidation. The meaning of "bills of exchange" is well known...
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The Pacific Reporter, Volume 26

1891 - 1170 pages
...exchange drawn in good faith against actually existing values, and the discount of business or commercial paper actually owned by the person negotiating the same, shall not be considered as money borrowed." This statute has been construed by the federal courts, and their construction is binding on us, for...
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Proceedings of the ... Annual Meeting of the National Board of Trade, Volume 15

National Board of Trade (U.S.) - 1885 - 230 pages
...discount of bills of exchange, drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by...same, shall not be considered as money borrowed." Now, although there is a limitation of ten per cent, of the capital of any National Banking Association,...
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Public and Local Acts of the Legislature of the State of Michigan, Part 2

Michigan - 1887
...discount of bills of exchange drawn in good faith against actually existing values and the discount of commercial or business paper actually owned by...Provided, however, That the foregoing limitations shall not apply provis». to loans upon real estate or other collateral securities authorized by this...
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The Revised Statutes of the State of Illinois: Embracing All Laws of a ...

Illinois - 1887 - 2194 pages
...discount of bills of exchange drawn in gix>d faith, against actually existing values, aud the discount of commercial or business paper actually owned by...the same, shall not be considered as money borrowed. 11. Capital stock — impairment thereof. §11. Associations may be organized under this act in incorporated...
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Pratt's Digest of the National Bank Act and Other Laws Relating to National ...

A.S. Pratt & Sons - 1886 - 252 pages
...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 same, shall not be considered as money borrowed. 44 excess of the limit would be in violation of the letter of the law. There is no specific penalty...
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Laws

Illinois - 1887 - 360 pages
...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 same, shall not be considered as money borrowed. § 11. Associations may be organized under this act in incorporated towns, villages, or cities of not...
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Acts Passed by the General Assembly of Georgia

Georgia - 1887 - 358 pages
...the discount of bills of exchange drawn in good faith and the discount of commercial paper actuallv owned by the person negotiating the same shall not be considered as borrowed money. Ineorporating tho Bank of Stewart County. surety, notes, mortgages and other evidences...
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Journal of the Senate, Part 35

Illinois. General Assembly. Senate - 1888 - 1248 pages
...discount of bills of exchange drawn, in good faith, against actually existing values, and the discount of commercial or business paper actually owned by...same, shall not be considered as money borrowed." The question then being, "Shall the foregoing Senate Bill No. 251, be engrossed, as amended, and placed...
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