BILLS OF EXCHANGE.

195

whom it is to he paid; and it is said, that otherwise it willbe merely waste paper. But Pothier has observed that ifthe name be omitted, the presumption is to be regulated bythe statement of the party of whom value was said to havebeen received ; which appears very equitable. Care shouldbe taken that the name of the party, when it is inserted, beproperly spelled ; 7 and where there are two persons of thesame name, the payee should be described in such a mannerthat no mistake can occur. And bills under £5, describedby stat. 17 Geo. III. c. 30, are required by that statute toexpress the names and places of abode of the persons respec-tively, to whom or to whose order the same shall be payable.A bill may be drawn payable to bearer, in which case de-livery alone transfers it. In France , it should seem suchbills were at first unlawful, but they have been subsequentlyestablished. Originally, bills were given in that country, witha blank for the- holder of the bill to insert any name hemight think proper; but this practice was found to be soreplete with usury and fraud, that it was afterwards prohi-bited. A bill payable to a fictitious person or order is ineffect a bill payable to bearer; all parties concerned aresubject to a declaration, knowing the payee to be a fictitiousperson. As the use of fictitious names has been highlycensured, the person indorsing the fictitious name on thebill to give it currency would be guilty of forgery. 6

As it is not necessary or essential to the validity of abill of exchange, that there should be three parties to it,a bill may be made payable to the drawer himself; though,in such a case, it is said to be more in the nature of a pro-missory note. A bill payable to a married woman is pay-able to the husband, and transferrable in his name. 9

Advantage of negotiable Bills .—In a commercial pointof view, it was on account of this advantage that our courtsallowed in their favour an exception to the rule relative tothe assignment of choses in action : it was once thought thatunless this was possessed, they could have no more effectthan as a matter of evidence of some contract. IO It is,however, at present established, that it is not essential tothe validity of a bill, as an instrument, that it be transfer-rable. If intended to be negotiable, care must be taken thatthe operative words of transfer commonly used in bills be in-serted. This mode is to draw it payable to A. B. or order,

J Beawes, pi. 3.

* 1 East, 432 . 4 T. R. 616.

8 Leach, Crown Law, 206.•° 3 Wih. 211. s