Commercial law for high schools, business colleges and business men . At sight The First National Bank OF BLOOMINGTON, ILLINOISSibc hnadred and thirty » WITH EXCHANGE AND COLLECTION CHARGESVALUE RECEIVED AND CHARGE TO ACCOUNT OF Tn Htmter Rodgers Lagalla Illlnol8> Parker Dooley is the drawer, the First National Bankis the payee, and Hunter Rodgers is the drawee. When the drawer and drawee both are banks, the bill ofexchange is known as a bank ST Natioi^al. Bajvk: xo.^ 70-I03 oiyfiNGXOTsr, Illinois JAN 251922 Pay TO THE ORDER OF_ itACJvt 9^un HunoREDTwenrr a$M dollars TtHttrr
Commercial law for high schools, business colleges and business men . At sight The First National Bank OF BLOOMINGTON, ILLINOISSibc hnadred and thirty » WITH EXCHANGE AND COLLECTION CHARGESVALUE RECEIVED AND CHARGE TO ACCOUNT OF Tn Htmter Rodgers Lagalla Illlnol8> Parker Dooley is the drawer, the First National Bankis the payee, and Hunter Rodgers is the drawee. When the drawer and drawee both are banks, the bill ofexchange is known as a bank ST Natioi^al. Bajvk: xo.^ 70-I03 oiyfiNGXOTsr, Illinois JAN 251922 Pay TO THE ORDER OF_ itACJvt 9^un HunoREDTwenrr a$M dollars TtHttrr gtsHT cgMTs ^. ^0.,^ ^ ifTrC — To First National. Bank,2-1 Chicago,III. In this transaction Will Jarman (whose name does notappear on the bill) wished to pay Linder S. Wood of , Illinois, $, so he went to the First NationalBank of Bloomington and bought the above draft on theFirst National Bank. This will be readily accepted by any bank and then gothrough the Chicago clearing house. Acceptance. Legally the drawee may or may not, as hechooses, accept the bill of exchange. Should he accept it,he is known as the acceptor. The statute provides thatthe acceptance must be in writing. 164 NEGOTIABLE INSTRUMENTS If the bill is accepted the acceptor is liable and mustpay it. In Nelson vs. First NaCl Bank of Chicago, 48 111. 36, it was heldthat their promise to accept was binding on the drawee. Thebank promised that it would accept checks
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Keywords: ., bookcentury1900, bookdecade1920, booksubjectcommerciallaw, bookye
