(DOWNLOAD) "Yeaton v. the Bank of Alexandria" by United States Supreme Court * eBook PDF Kindle ePub Free

July 19, 2021

eBook details

Title: Yeaton v. the Bank of Alexandria
Author : United States Supreme Court
Release Date : January 01, 1809
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 60 KB

Description

Youngs, for the plaintiff in error. The general law of Virginia, upon the subject of promissory notes, is, that the endorsor is not liable until a suit has been brought against the maker, and judgment recovered; and the execution has proved fruitless, or the maker is otherwise proved to be insolvent. If there be any exception in favour of the bank it must be a privilege granted by its charter. The only words under which such a privilege can be supposed to exist are these: 'And whereas it is absolutely necessary that debts due to the said bank should be punctually paid, to enable the directors to calculate with certainty and precision on meeting the demands that may be made upon them, be it enacted, that when any person or persons indebted to the said bank on bonds, bills or notes, given or endorsed by them, with an express consent in writing that they may be negotiable at the said bank, shall refuse or neglect to make payment at the time the same may become due, and a suit shall be thereupon commenced against such defaulter, and a capias ad respondendum returned executed, or a copy left at the usual place of residence of such defaulter, at least ten days before the return day of such writ, the court shall' order the proceedings to be made up, and the cause tried at the first court.