Choses in Actfon.

ble, in like manner as inland bills of exchange; and the payees and indorsers of every such negotiable note, payable to them or order, and the holder of every such note payable to bearer, ma maintain actions thereon against the makers and indorsers re spectively as in cases of inland bills of exchange. (a)

Under this statute it has been held that a note for money pa able to M. or bearer," was not negotiable, but subject to any defence in the hands of the holder, to which it would have been liable in the hands of the maker. It is not even sufficient that the note contain the words "for value received, without defalcation." It must be drawn in the form prescribed by statute. (b)

No person can be charged as acceptor of a bill of exchange, unless his acceptance is in writing, signed by himself or his lawful agent. (c)

An acceptance upon a separate paper will only bind the acceptor in favor of persons to whom the acceptance has been shown, and who on the faith thereof have received the bill for a valuable consideration. (d)

An unconditional promise to accept a bill before it is drawn, shall be deemed an actual acceptance in favor of the same class of persons. (e)

A refusal to write an acceptance upon a bill, is declared equivalent to a refusal to accept, and the bill thereupon may be protested for non-acceptance. (ƒ)

These provisions, however, are not to abridge or impair the right of any person to whom a promise to accept a bill may have been made, and who on the faith of such promise shall have drawn or negotiated the bill to recover damages from the person making such promise, on his refusal to accept the bill.

The destruction of a bill, or a refusal to accept it within twenty-four hours after its delivery for that purpose are rendered equivalent to acceptance. (g)

A notarial protest is declared to be evidence of a demand and refusal to pay a bill of exchange, or negotiable promissory note, at the time and in the manner therein stated. (h)

(a) R. S. 175.

(b) Beatty v. Anderson, 5 Missouri 447; Austin & Haines v. Blue, 6 Miss. 265; Muldron v. Caldwell, 7 Miss. 563.

Interest.

Rate of damages upon protested bills.—The provisions as to damages upon protested bills are somewhat novel and minute. To entitle a party to damages upon a protested bill of exchange, drawn or negotiated within the state, the bill must express to be "for value received." (a) When such a bill, drawn upon any person, at any place within the state, shall have been presented for acceptance or payment, and protested for non-acceptance or non-payment, the holder may recover from the drawer and indorsers, having due notice of the dishonor of the bill, four per cent. damages; if the bill shall have been drawn upon any person at any place out of the state, but within the United States or its territories, ten per cent. damages; if upon any person at any place without the United States or its territories, twenty per cent. damages. The same rate of damages is fixed in cases where a bill has been accepted, but is not paid at its maturity. No damages are allowed upon bills drawn within the state, upon any person at a place within the same, if payment of the principal sum, with interest and charges of protest, is tendered within twenty days after demand or notice of the dishonor of the bill.

The damages are to be in lieu of interest, protest, and all other expenses incurred previous to the time of giving notice, or to the time when the principal sum shall become payable, when no notice of the dishonor is required to be given; but from such period the holder of the bill may recover lawful interest upon the aggregate amount of the principal sum and the damages.

Where the bill is expressed to be payable in the money of the United States, the amount due thereon, and damages shall be ascertained without any reference to the rate of exchange; but if payable in foreign currency they are to be determined by reference to the rate of exchange, or the value of such foreign currency at the time and place of payment. (b)

2. Interest.

By an act passed in 1847, the former laws of Michigan as to usury, were repealed, and new provisions declared. Six per

(a) Riggs v. The City of St. Louis, 7 Miss. 438.

(b) R. S. 174.

Corporations.-Frandulent Conveyances.-Statute of Frauds.

cent. was established as the legal rate of interest. In cases where a higher rate of interest is reserved than six per cent., the borrower may be relieved from the usurious excess, and the interest at six per cent. will be set apart for the benefit of common schools. The lender is liable to a forfeiture of the whole interest agreed to be taken, to be recovered in an ordinary action, and go to the benefit of common schools. (a)

3. Corporations.

Where the debts of any corporation, excepting banking companies or literary or benevolent institutions, shall exceed the amount of its capital stock actually paid in, the directors under whose administration it shall happen, unless absent at the time, or if present objecting thereto, and giving notice of the fact to the stockholders, are rendered jointly and severally liable to the extent of such excess, for all debts of the company then existing, or which shall be contracted subsequently, so long as they shall continue in office, and until the debts shall be reduced to the amount of the capital stock. (b)

4. Fraudulent Conveyances.

All sales made by a vendor of goods and chattels, in his possession or under his control, unless accompanied by delivery within a reasonable (regard being had to the situation of the property) time, and followed by actual and continued change of the possession, shall be presumed to be fraudulent and void as against the creditors of the vendor, or subsequent purchasers in good faith. (c)

5. Statute of Frauds.

The English statute is substantially re-enacted. In the class of cases which it embraces, the agreement, or some note or memorandum thereof, must be in writing.

Contracts for the sale of goods for the price of thirty dollars

(a) Acts of 1847, 63.

(b) R. S. 234.

(c) Ib. 528.

Assignment-Statutes of Limitation.

or upwards, are not valid, unless part are delivered, or earnest given, or a note or memorandum made of the bargain in writing.

No action can be brought to charge any person, by reason of any representations as to the character, credit or dealings of a third party, unless such representations are in writing. (a)

6. Assignment.

Wherever a debtor assigns his real and personal estate, in whole or in part, for the benefit of his creditors, or any of them, it is made the duty of the assignee to distribute the same among the creditors generally, under the superintendence of the Circuit Court. It is the duty of the assignee to give notice to the creditors by advertisement, of the time and place of adjusting and allowing demands against the estate, and all the creditors who, being duly notified, shall fail to attend, are precluded from having any of the benefits of the assignment. The decision of the assignee as to any claim exhibited before him, shall be final, unless the creditor request a reference to a jury, when the case shall be certified to the Circuit Court, and tried on an issue formed for that purpose. (b)

7. Statutes of Limitation.

All actions founded upon any writing, sealed or unsealed, for the payment of money or property, must be commenced within ten years after the cause of action accrued: all actions upon open accounts for goods, wares or merchandise sold and delivered, or for any article in a store account, within two years: all actions of account, detinue, assumpsit, trover, trespass on the case, or debt founded upon any contract or liability, and not otherwise specially limited, within five years. There is the usual saving in favor of infants, married women, persons non compos mentis, or imprisoned on a criminal charge.

There is no limitation on suits brought to enforce payment of bills, notes or other evidences of debt issued by moneyed corporations. A promise in writing is necessary to revive action (b) Ib. 121-132.

(a) R. L. 530.

Attachment.

barred by the act. No acknowledgment or promise, in writing or otherwise, by one joint contractor, shall deprive his co-contractor of the benefit of this act. Bonds, judgments and decrees are presumed to have been paid after the lapse of twenty years: such presumption being liable to be repelled by proof of payment of part, or written acknowledgment of the indebtedness. (a)

8. Attachment.

A creditor may resort to the process of attachment to secure his debt in the following cases:

1. Where the debtor is a non-resident of the state.

2. Where the debtor conceals himself so that the ordinary

process of law cannot be served upon him.

3. Where the debtor has absconded or absented himself from his usual place of abode, so that the ordinary process of law cannot be served upon him.

4: Where the debtor is about to remove his property or effects from the state, with intent to hinder, delay, or defraud his creditors.

5. Where the debtor has fraudulently conveyed or assigned his property so as to hinder or delay his creditors.

6. Where the debtor has fraudulently concealed or disposed of his property or effects so as to hinder or delay his creditors.

7. Where the debtor is about fraudulently to convey or assign his property or effects so as to hinder or delay his creditors.

8. Where the debtor is about fraudulently to conceal or dispose of his property or effects so as to hinder or delay his creditors.

9. Where the debt was contracted out of this state, and the debtor has absconded or secretly removed his property or effects into this state, with the intent to defraud, hinder or delay his creditors.

Where the demand sworn to is not less than fifty, nor more than one hundred and fifty dollars, and is evidenced by a bond or note for the direct payment of money, or where the demand sworn to is not less than fifty, nor more than ninety dollars, and

(a) R. S. 715 to 724.