are sufficient. The words " valeur en moi-même" are not sufficient.

billet à ordre.

A promissory note, or "billet à ordre," is an engagement by Requisites of which one person binds himself to pay a certain sum to another, or to whomsoever becomes the legitimate owner of the note. The note must be dated, must state the sum to be paid, the name of the person in whose favour he has signed it, the time when the payment must be made, the value given in kinds, merchandise, on account, or in any other manner. The promissory note signed by a person not in trade must be written in extenso in his own hand, and must express the sum in words. But there is no distinction between the billet or note signed. by a person in trade or not in trade.

United States of America.-A bill of exchange is a written order or request, and a promissory note a written promise by one person to another for the payment of money, absolutely, and at all events. A bill or note is not confined to any set form of words. A promise to deliver or to be accountable, or to be responsible for so much money, is a good bill or note; but it must be exclusively and absolutely for the payment of money. It is essential that the bill carry with it a personal credit given to the drawer or indorser, and that it be not confined to credit upon any future or contingent event or fund. The payment must not rest upon any contingency except the failure of the general personal credit of the person drawing or negotiating the instrument. If the event on which the instrument is to become payable be fixed and certain, and must happen, it is a good bill, and it is of no consequence how long the payment is to be postponed. The instrument must be made payable to the payee, and to his order or assigns, or to bearer, in order to render it negotiable. It must have negotiable words on its face, showing it to be the intention to give it a transferable quality. Without them it is a valid instrument as between the parties, and is entitled to the allowance of the three days of grace, and may be declared on as a promissory note within the statute. But if it wants negotiable words, it cannot be transferred or negotiated, so as to enable the assignee to sue upon it in his own name. If the name of the payee or indorser be left blank, any bond fide holder may insert his name as payee. It is usual to insert the words value received in a bill or note, but they are unnecessary,

A bill carries

with it a per

sonal credit.

Maker's

name.

Time of payment.

and value is implied in every bill, note, acceptance, and indorsement. These words are not usual in cheques, which are negotiable like inland bills, and are governed by the same rules. Nor is it necessary that the maker should subscribe his name at the bottom of the note; and it is sufficient if the maker's name be in any part of the note. A note wanting the usual subscription would be deemed imperfect, and it would, in point of fact, destroy its currency. If the note be payable to B. or bearer, it need not be indorsed, and it is the same in effect as if the name of B. had been omitted. The bearer may sue in his own name, and if his right and title and the consideration be called in question, he must then show that he came by the note bona fide, and for a valuable consideration. So a bill or note payable to a fictitious person may be sued by an innocent indorsee as a note payable to bearer; and such a bill or note is good against the drawer or maker, and will bind the acceptor, if the fact that the payee was fictitious was known to the acceptor (a).

Germany.-The essential conditions of a bill of exchange are, The expression "bill of exchange," or if the bill is drawn in a foreign language, a word of equal import. The sum to be paid. The name of the person, or of the firm to whom, or to whose order payment ought to be made. The time of payment which can only be fixed at a specified day, at sight, or at a determined time after sight, after presentation, at a fixed time after the day that the bill of exchange has been drawn, at a fair, or at a market. The signature of the drawer, or that of his commercial house. The designation of the place, the day, the month, and the year where and when the bill of exchange had been drawn. The name of the person, or of the firm, who ought to pay it, or the drawee, and the indication of the place where the payment ought to be effected; the place will be stated side by side with the name, or with the firm of the drawee, unless a different place has been indicated for the payment than the domicile of the drawee (b).

Buenos Ayres.-A bill of exchange is a written order by which a person orders another to pay a sum of money. Its essential requisites are the designation of the place, day, month, and year when it is issued; the sum to be paid, and in what (a) Kent's Commentaries, vol. iii., p. 3. (b) German Law on Bills of Exchange, § 4.

currency; the time and place of payment; the name of the person who is to pay it, and to whom. If the name of the payee is in blank, the holder may put his name on it. The bill must also state whether it has been issued in a set of three, or as a single bill. It must contain the signature of the drawer either in his own name, or in the name of his house of trade, or of the person who has power to sign for him. A bill of exchange must be drawn to order, in order that it may be transferable. The clause,“ value received," is not indispensable. The want of it will produce no injury to third parties; it will only affect the relation between the drawer and acceptor. The clauses, "value on account," and "value understood," render the acceptor responsible for the value of the bill in favour of the drawer, to bind him to the payment in the form and time agreed upon. These clauses establish in favour of the drawer the presumption that he has not received the value until the acceptor has arranged his accounts with him. This presumption cannot be opposed to third parties, and may be removed by producing evidence to the contrary (a).

make a bill or note.

Denmark.-A bill of exchange is an instrument by which a Who can person who is called the drawer, undertakes formally to send a sum of money by means of another person who is called the drawee, into another place, to the party who may be the lawful holder of the instrument. No denizen can draw bills of exchange upon himself, not even payable in another town than that of his residence; such bills would only be equivalent to promissory notes. An instrument drawn out in the form of a bill of exchange, but not truly a bill of exchange, to be presented and paid in another place, will not have the same force as a bill of exchange, and the offender shall pay half the amount of the bill as a fine, the half of which will be for the informer, and the other half for the Treasury (b).

Holland.—A bill of exchange is an instrument by which the drawer charges a person to pay in another place than that of the date of the bill, either at sight, or at a certain time after sight, to the party designated in it, or to his order, the sum expressed in it, with an acknowledgment of value received, or value on account (c).

(a) Buenos Ayres Code, §§ 775-780. (b) Danish Ordinance of May 18, 1825.

(c) Dutch Code, §§ 100-103.

Definition of a

bill.

Promissory

notes.

Bills of exchange.

Italy. The requisites of bills of exchange are the same as those expressed by the French Code. Bills of exchange drawn from one place of the kingdom upon a foreign place may be issued by any person, even non-merchants. But bills drawn from one place of Italy to another can only be issued by a merchant upon another merchant (a).

Portugal.-A bill of exchange is the title of a contract of exchange. It may be defined to be a letter dated from any place, by which the party who signs it, and who is called the drawer, charges the party to whom it is written, and who is called the drawee, to pay in another place, either at sight, or at a fixed time, to a designated person, who is called the bearer, or to his order, to the party in whose favour it is indorsed, a sum of money therein stated, which the drawer acknowledges to have received from the payee, or for which he has given him credit, by the words "value received," or "value in account" (b).

Russia.-A bill of exchange is drawn by the maker either upon himself or upon another person. In the first case it is a promissory note, in the latter it is a bill of exchange. The essential requisites of promissory notes are the designation of the place and the date, the time of maturity, the amount of the bill, the kind of money, and the name of the party to whom or to whose order the payment ought to be made; the drawer himself may be such person. The signature of the drawer, or that of the firm, and in default of a person authorised to this effect by a special procuration, is requisite. The note should show that the obligation is a promissory note, and also the value furnished, and the same must be written on stamped paper prescribed by Government. The use of a blank signature, instead of the bill itself, upon paper stamped for bills of exchange, is forbidden. The essential requisites of bills of exchange are, the name of the party who has to make payment, the domicile or place of payment, and a statement in the body of the bill, showing whether it has been drawn as a single bill, or whether it is the first, second, third, &c., of a set, or a copy. If the bill of exchange has been drawn in a foreign currency, it must declare the rate of exchange. A bill of exchange wanting in any such conditions whilst preserving the character of an obligation, can (b) Portuguese Code, §§ 321-324.

(a) Sardinian Code, §§ 119-122.

only, by a decree of the Tribunal of Commerce, be dealt with in case of dispute, by the law on bills of exchange. Besides the essential conditions above mentioned, it is requisite to state the sum in figures and in words, and whether the payment must be made after or without a letter of notice. The omission of these two clauses would not avoid the bill, although the payee might demand the avoidance of it (a).

bills.

Spain.-A bill of exchange ought to contain the following Requisites of requisites:-The date. The time of payment. The name of the drawer. The sum to be paid, with an indication of the specie. The value given for in cash, goods, value understood, or on account. The name of the payee. The name and domicile of the drawee. The signature of the drawer or his attorney. A public notary may intervene in the drawing up of a bill of exchange, and secure the authenticity of the signature of the drawer. The clauses of value on account, or value received, render the payee responsible to the drawer for the amount, who may exact the payment of it in the form and time agreed upon among them, by the contract of exchange. Bills of exchange payable in the place where they are drawn, are only equivalent to simple promises, and the acceptances as securities only. The drawer may draw the bill to his own order, by expressing that he keeps the value of it. No alteration can be made upon a bill of exchange, but with the consent of the drawer and the payee. Where the drawer, acceptor, or indorsers of a bill of Where the exchange, are not merchants, they are only under the jurisdic- parties are not tion of the civil tribunals, and can only be forced to pay according to civil law; unless it be for a commercial operation, the existence of which may be proved by the bearer; yet any of the parties who is a merchant would be bound to the payment according to commercial law (b).

Sweden.-The bill of exchange ought to contain,-The date and place where it has been signed. Whether it be the first, second, third, &c. The time of payment. The name of the party to whom payment must be made. The amount of the bill mentioned in words and figures. By whom and how the value has been furnished. The domicile of the drawee, and that where payment is to be made. The signature of the drawer or maker of the bill.

(a) Russian Code, §§ 294-298.

(b) Spanish Code, §§ 426-434.

traders.