34 Vt. 89 | Vt. | 1861
The county court decided that the plaintiffs could not recover upon their special counts against the defend
But the defendants say, that if these bills were ever accepted by them, the acceptance was in New York, and that by the law of that State a parol acceptance is not good. It seems to us that upon the facts stated in the exceptions, it might be very justly claimed that the bills were accepted here. Where a party having in his possession a bill drawn upon himself, procures another to discount it, dr advance the money upon it to him, the law would from that fact imply an acceptance by kim, without any express language to that effect.
The presumption upon the face of a bill of exchange in common form is, that the drawer has funds in the hands of the drawee, with which to make payment, and the bill directs him to pay the same to the holder. When, therefore, the drawee himself procures another to advance the money upon it, it is an implied admission on his part th tt he has the funds to meet it, and that it will be duly met at maturity.
The defendants presented the bills to Smith, the plaintiff’s agent in New York, for discount, but he did not discount them, and the defendants left the bills with him to carry to the bank and get them discounted there ; and this was done by Smith. This, of course, is the same as if the defendants had in person taken the bills to the bank and received the money on them.
But here the defendants were not liable upon this bill at all, unless what they did amounted to an acceptance by them ; they [received the money and promised to repay it when the bill fell 'due. It looks much like a loan of money, and a delivery of the bills as collateral security for its payment. There is something very odd in the idea of a party selling an order or bill drawn on himself receiving the money upon it, and then escaping all liability whatever by refusing to honor the paper when presented. Such refusal is a direct fraud upon the party advancing the money. It is claimed, too, that if the plaintiffs held these bills as collateral security for the money merely, they should have offered to surrender them before sueing for the money ; that they
Judgment affirmed.