Сн. 20. 5 Mass. R. 263. Mandeville v. Welch, 5 Wheaton 277,299. 10. A negotiable note, given in consideration of a simple contract debt is a discharge of it. If several sign, and it begins, I promise &c. it is joint and several. Held, that bills of exchange, and promissory negotiable notes are distinguished 299.-Chitty from all other parol contracts, because prima facie evidence of valuable consideration, as between the original parties, and against third persons. 2 Where the owner of a chose in action assigns it, he cannot defeat the assignee's right in his suit to recover. 3. It is immaterial whether the assignment be good at law, or in equity only; this doctrine can apply only to all due on the contract assigned. The assignment and notice of it to the maker were specially replied to a plea of a release made by Welch, by whom this action was brought, for the use of A. Prior against Mandeville &c. maker. The chose in action assigned was a covenant. 6 Wheaton 102, Bussard v. Levering. 5 Wheaton 104, Lindenberger v. Beall. Young v. 11. When the second day of grace falls on Saturday, it is the last day of grace, and notice to the drawer of a bill on that day, of non payment, after demand on the acceptor on that day, is sufficient. 2. Post-office notice. So it is sufficient notice to the drawer to put proper notice into the post-office, where the persons lived in different places. 12. The same rule as to the endorser of a note, as to last day of grace. So as to post-office notice, and it is not necessary to give notice to the deft. to produce the letter giving notice, before such evidence can be admitted. 13. No protest of a promissory note, or inland bill of Bryan & al. exchange is necessary, and the endorsee of such note of one 6 Wheaton 146, 572. state, may sue the endorser of another, in the Federal courts, whether the endorser or drawee can sue the maker in them or not. The note was made by one citizen of Tennessee to another, and endorsed to Bryon & al. citizens of Pennsylvania. See Ch. 187, a. 7, s. 45. This action was viewed as being on the endorser's new contract to endorsee of another state. Nor is such a protest evidence of the facts in it. Union Bank 2 Bl. Com. 467, 468. Imp. M. P. 390. 2 Show 235, 14. If an endorser make a writing, and there is a question if thereby he waive notice, and demand, parol proof is admissible to shew, that it was the understanding of the parties, that the demand and notice required by law to charge the endorser should be dispensed with. Protest belongs to foreign mercantile transactions only; as to them it is indispensable to make the drawer of a bill, or endorser of a note liable. On foreign bills it is the evidence of demand, and has a binding effect. ART. 2. The property considered. The payee of a bill or note has clearly a property vested in him, not in possession, but in action, by the express contract of the drawer, in case of Grant v. Vaughan, cited 1 Cranch 296.-Chitty on Bills 386, 391, 392, 399, 403, 416, 433, Cн. 20. Art. 3. a note, and by his implied contract in case of a bill; to wit, that provided the drawee do not pay it, the drawer will, and this vested property when assigned, may be recovered by the assignee or endorsee in his own name. And if a note be payable to A or bearer, payment may be demanded by any bearer. It is the right or power in the endorsee or bearer, to sue the note or bill in his own name, and to his own use, that evidences the negotiability of the contract. Hence, it is only a money contract, that can be so sued, that is negotiable, or a contract to pay money alone; for one principal intent is, it pass as money from man to man, this it could not do if not payable in money. ART. 3. What is a negotiable contract. 1. These nego-267-10 Mod, tiable contracts, in many respects, serve the purposes of money, and differ but little from bank bills, payable to one or bearer, and they are made negotiable by certain English statutes adopted in many of the United States, expressly or in practice. See Ch. 24, Chose in Action. 8 Mod. 265, 294, 316. § 2. These statutes provide as follows: First, that of William III. enacts, that "all and every bill, 9 & 10 Wm. 3, 17. or bills of exchange, drawn in, or dated at and from any trading city or town, or other place in the kingdom of England &c., of the sum of £5 sterling or upwards, upon any person or persons, of or in London, or any other trading city, town, or any other place, (in which said bill or bills of exchange shall be acknowledged and expressed the said value to be received) and is, or shall be drawn, payable at a certain number of days, weeks, or months after date thereof, that from and after presentation and acceptance of the said bill or bills of exchange, (which acceptance shall be by the underwriting the same under the party's hand so accepting.) and after the expiration of three days after the said bill or bills shall become due, the party to whom the said bill or bills are made payable, his servant, agent, or assigns may and shall cause the same bill or bills to be protested by a notary public, and in default of such notary public, by any other substantial person of the city, town, or place in the presence of two or more credible witnesses; refusal or neglect being first made of due payment of the same, which protest shall be made or written under a fair copy of the said bill of exchange, in the words and form following: Know all men, that I, A. B. of the said have demand ed payment of the bill of which the above is a copy, which the said did not pay, wherefore I, the said do hereby protest the said bill. Dated this day of By the second and third sections of this act, notice hereof CH. 20. 3 & 4 of Anne. These sta- must be given in fourteen days, to the party from whom the bill was received, "who is, upon producing such protest, to repay the said bill or bills, together with all interest and charges," from the day of the protest; and if not so notified, the holder bears all losses &c. And if a bill be lost within the time for payment, then the drawer shall give another bill of the same contents to the person to whom so delivered; he giving security, if demanded, to indemnify &c. By the statute of Anne it is recited, that money notes are not negotiable, so as that the assignee may sue in his own name, and enacted," that all notes in writing, that after the first day of May 1705 shall be made and signed by any person or persons, body politic or corporate, or by the servant or agent of any corporation, banker, goldsmith, merchant, or trader, who is usually entrusted by him, her, or them, to sign such promissory notes for him, her, or them, whereby such person or persons, body politic or corporate, his, her, or their servant or agent, as aforesaid, doth or shall promise to pay to any other person or persons, body politic or corporate, his, her, or their order, or unto bearer, any sum of money mentioned in such note, shall be taken and construed to be by virtue thereof, due and payable to any such person or persons, body politic and corporate to whom the same is made payable; and also every such note payable to any person or persons, body politic or corporate, his, her, or their order shall be assignable and endorsible over in the same manner, as inland bills of exchange are or may be, according to the custom of merchants; and that the person or persons, body politic and corporate, to whom such sum of money is or shall be by such note made payable, shall and may maintain an action for the same in such manner as he, she, or they might do upon any inland bill of exchange, made and drawn according to the custom of merchants, against the person or persons, body politic or corporate, who or whose servant or agent, as aforesaid, signed the same. And that any person or persons, body politic or corporate, to whom such note, that is payable to any person or persons, body politic or corporate, his, her, or their order, is endorsed or assigned, or the money therein mentioned, ordered to be paid by endorsement thereon, shall and may maintain his, her, or their action for such sum of money, either against the person or persons, body politic or corporate, who or whose servant or agent, as aforesaid, signed such note, or against any of the persons that endorsed the same, in like manner as in cases of inland bills of exchange." And in every such action the plt. shall recover his damages and costs of suit, or if he fail, then the deft. his costs. This statute of 3 & 4 of Anne further provides, that any bill described in the 9 & 10 Wm. III, presented to a party Cн. 20. on whom drawn, and refused to be accepted by underwriting Art. 3. the same, shall by the holder be "protested for non-acceptance, as in cases of foreign bills of exchange," "provided that no acceptance of any such inland bill of exchange shall be sufficient to charge any person whatever, unless the same be underwritten or endorsed in writing thereupon." And if not so accepted, no drawer shall be liable to pay costs, damages, or interest thereon, unless such protest be made for non-acceptance, and within fourteen days after such protest, the same be notified to him from whom the bill was received; and if such inland bill be accepted, and not paid in three days. after due, then no drawer shall pay costs, damages, or interest thereon, unless protested and notified as aforesaid; but if either protest be made for non-acceptance, or non-payment, the drawer is made liable to costs, interest, and damages, or if notice be so given; but no protest is necessary, unless the bill be expressed to be for value received, unless the bill be for £20 or more, and the protest may be made by such persons as are designated by the said act of 9 & 10 of W. III. And it is further enacted, that if any person accept such bill in satisfaction of any former debt due to him, the same shall be deemed full payment thereof, if he who accepts such bill for his debt, do not take his due course to obtain payment thereof, "by endeavouring to get the same accepted and paid, and make his protest as aforesaid, either for non-acceptance or non-payment thereof." "Provided that nothing herein contained shall extend to discharge any remedy, that any person may have against the drawer, acceptor, or endorser of such bill." It will be observed, that this statute recited that money notes were not so negotiable as that the assignee could sue in his own name, and then makes them negotiable. In the Appendix, 1 Cranch 367 to 461, many cases are collected, to shew, a money note payable to A or order, was, before the statute of Anne negotiable as an inland bill, and that as a foreign bill was. It is a question, if all these cases are sufficient to overturn the express authority of this statute, and the direct decision in Clarke v. Martin, 1 Cranch 408, 411, and in four other cases, not within the custom of merchants &c. See Post. As these statutes are in general the foundation of negotiable paper in the United States, they are thus cited verbatim in their essential parts, and the substance of all the other parts taken. Contracts, to be negotiable, must be for the payment of money, and rest on the general credit of the maker. It can answer their useful purpose only by making them a good demand against him any where, and payable in money, and ab CH. 20. solutely. If only a demand on a particular fund, or payable in bulky articles, or on condition, their general use and circulation must be defeated. It is not necessary to express value 4 Maule & S. received in a bill of exchange; may be payable on condition to be void in a certain event. 25. 1 Stra. 24, 2 Stra. 1217, 3. What notes are good and negotiable. A note payable" in two months after such a ship is paid off," is negotiable; for this is a thing of a public nature, and morally certain, and need not be physically so. It is enough the payment be certain in a moral sense. § 4. So to pay "in six weeks after the death of the deft's. father, for value received," is good; for the payment is certain, So is the case of all bills and only the time when, is uncertain. payable in so many days after sight, as it may be not certain when they will be presented. It is sufficient if payable in all events, though uncertain whether in a longer or shorter time. 1 Burr. 226, 5. So a note to an infant is valid and negotiable, " payaGoss v. Nel- ble when he shall come of age, specifying the time, 12th of son; see 7 M. June, 1750." So to pay to A or order, on a day, or when he completes a building. R. 240. 1 Wils. 262, Evans v. Un derwood. Poplewell v. Wilson.- Kyd 33. -Mod. 296, 316.7 D. & E. 6. So a note to pay to A or order, £8, on paying off the wages of a public ship, is negotiable. See Edie's case, a. 5. 7. So a promise to pay £5 to B, for a debt due from C to B, is negotiable, for this is a sum to be paid in all events, and one man may, in writing, promise to pay another's debt. So to promise to account with T. T. or his order, for value received by me, is a negotiable promise. Same case, 8 Mod. 362; see Stevens v. Blunt, and 2 Ld. Raym. 1396. 8. So a promise by the maker of a note to pay out of a particular fund, then in his power, is negotiable; for though this is named, there is an obligation generally on his personal credit to pay, the bare making the note being an acknowledg3 Caines 137. ment he has money in his hands; he may be sued though this fund should fail; but a bill accepted on such a fund, its negotiability ceases. See Ch. 30, a. 4, s. 7. 337. 1 Dall. 194. 8 Johns. R. 485. If part of a note be paid, it is negotiable for the residue, but not for a part of what is due, as the right of action cannot Chitty 115.- be divided. Several cases, Post. A made his note to B or order, and minuted on it, B was, as the consideration, to assign A a judgment against C; this is negotiable. But quære. $9. The following notes are not negotiable, to wit: One Kyd 36.- to pay £50, or render his body to prison; because the note 487, Carlos v. is contingent; for if the body be rendered, the money will Fancourt. never become due; and not being negotiable when made, it Chitty 37, 38. cannot become so afterwards. One paid by the last endorser ceases to be negotiable. 3 Mass. R. 465. Cunn. 110. 6 T. R. 482, |