Negotiable Instruments: Lecture; American Correspondence School of Law (Classic Reprint) - Tapa dura

Sinopsis

Excerpt from Negotiable Instruments: Lecture; American Correspondence School of Law

Negotiable paper includes all choses in action which were recognized as possessing the quality of transfer ability. A chose in action is the right to recover a thing as distinguished from the thing itself, including contracts and promises which confer on one party the right to recover a personal chattel or a sum of money from another by action. Under the old rule of the com mon law a chose in action was not the subject of trans fer so that the assignee thereof could sue in his own name; but a suit might be brought in equity in the name of the assignor for the benefit of the assignee, subject, however, to all rights existing between the original par ties. The inconvenience, uncertainty and delay of such a procedure led to the recognition among merchants of a custom to treat certain choses in action in the form of a written direction or promise to pay a certain sum of money to another as transferable, and enforceable by the holder in his own name and in his own right, and this custom became part of the Law Merchant, and as such was later recognized and enforced in the common law courts.

Commercial paper includes all choses in action which, under the existing common law, possess the quality of transferability and embraces all evidences of indebted ness which are commonly used in the transaction of busi ness as the representatives of money for the purpose of transferring credits. As here defined, it includes negoti able and non-negotiable instruments. De Hass v. Dibert, 70 Fed. 227, 17 C. C. A. 79, 30 L. R. A. 189.

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