194

BILLS OF EXCHANGE.

bearer on demand, by stat. 37 Geo. III. c. 32. and othersubsequent acts. Foreign bills are drawn payable at usance,or usances; but they, like inland bills, may be drawn pay-able at sight, at days, weeks, months, or years, after sight ordate, or on demand. Bills, however, are very seldom drawnpayable on demand; but usually when it is intended theyshould be payable immediately, are drawn payable at sight.If so drawn, the drawer of a foreign bill should expressthat it is payable according to the course of exchange atthe time of making it, or otherwise, it seems, the draweemust pay according to the exchange of the day when hehas sight of the bill. Checks on bankers very seldomexpress any time when they are to be paid, and conse-quently are payable as soon as the person to whom they aregiven can present them.

The only misfortune attending this instrument which hasoccurred to our knowledge, is, when a party who has acheck may have omitted to present it immediately, thebanker has stopped payment in the interim between hisreceiving it and offering it for payment; in which case hehas overheld it at his own risk, and in consequence hascompletely made the transaction a private debt between thebanker and himself.

Beawes says, in his Lex Mercatoria, that payment of abill should be ordered and commanded; Chitty says, it issufficient if it be requested ; and according to Marius, thedirection to pay the money need not be contained in thebody of the bill, or even on the same side of the paper.

Inland bills, checks, and notes, consist of only one part,but foreign bills in general consist of several jmrts, in ordershould the bearer lose one, he may receive his money on theOther; but if the drawer only gives one bill, he will, shouldthat be lost, be obliged to give another of the same date tothe loser. The several parts of a foreign bill are called aset; each part containing a condition that it should be paid,provided the others remain unpaid; in other respects theyare all of the same tenor. This condition should be in-serted in each part, naming every other part of the set.

The forgery of an indorsement of the payee, on one ofthe parts, will not pass any interest, even to a bona fideholder, and the real payee may sustain an action on the otherpart. 6

A bill of exchange and promissory note must specify to

* 3 T. R. 127.

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