 | Naomi R. Lamoreaux - 1996 - 196 pages
...any one person or company. There were two exceptions to this provision, however. The first exempted “the discount of bills of exchange drawn in good faith against actually existing values” — in other words, real commercial paper. The obvious presumption here was that, because such loans... | |
 | Lance E. Davis, Robert E. Gallman - 2001 - 1002 pages
...bank would not be endangered by discounting large amounts from a single firm. The second exemption, "the discount of commercial or business paper actually owned by the person negotiating the same," is similarly instructive. Such persons were normally expected to be professional brokers, whose growing... | |
 | Benjamin Robbins Curtis - 2002 - 954 pages
...PROVIDED, that the discount of bona fide bills of exchange drawn against actually existing values, or the discount of commercial or business paper actually owned by the person or persons, corporations, or firms negotiating the same, shall not be considered as money borrowed."... | |
 | Roger W. Babson - 2006 - 449 pages
...documents. The paper must have not longer than ninety days before maturity, and except in the case of "bills of exchange drawn in good faith against actually existing values" no bank can lend in excess of 10% of its capital and surplus to any one firm or individual. Also there... | |
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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 : * * • Provided,... 
