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Methods & machinery of practical banking

Methods & machinery of practical banking

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ...that pass from hand to hand and through banks for collection or discount, bearing specific places of date but no specific places of payment, are generally supposed to be signed, and so payable, in the places where the promisors do business. Quite often they are not thus executed, and risks and misunderstandings occur from a want of a clear knowledge of the facts we have just explained. Notes should always be written in their body payable at some definite place. In such a case the place where, they are dated appears to be what it really is--of little account. THE DA TE OF A-VOTE. The date of a note is, of course, a matter of the first importance, or it is likely to be so, for the time of maturity usually runs from it, and interest, where interest accrues, is generally calculated from it. But it is a much better plan to draw up notes and time drafts payable at a certain fixed time in an unmistakable way in the body of the documents, instead of making them payable in so many months or so many days from date. Thus, I would insert the maturing date directly in the body of the note in this way: "For value received, I promise to pay on the 6th day of March," etc.--drawing the paper, in matter of date and other points, as in the form presented above. If one desired to state it still more exactly he would say, "on the 9th day of March, fixed "or "without grace." Promisors and payees of notes and acceptances are quite sure to know when they wish the paper they have in hand to fall due, and there can be no prettier way of making the maturity clear and prominent than by setting it down at the start in plain black and white. The term "fixed," as sometimes used in this note form, is an unmistakable one in both law and custom. Fixed...