Case Information

*1 OFFICE OF THE A’ITONNEY GENERAL OF TEXAS AUSTIN

Statute8 , and

“in the bus&to b&141) end athe Xsusp4atedtb44bart4r

up044 stated in ~rtiel4 t on is r0rrpad for tb pllr- ins -n4Y* P=obasiry, , bonds and neeuritfes, 4g44) of aating as trustse , ooamittedto it by aontraat 4rfon~noe 0r 4ny lawful aat, '49 or Artiale X502 or the aohed t&e aonalusion that the as’

1s a "dealer ia ez(lhan@ &I aontecwUtion oithls rtmate. The quated term is nowh@re defined in the statutes, nor La W word *4xobfmg4." HOWBIB~, ,FD. the Weijotiable Instruezts m, w4 do find the definition of "bill of 4xohange.* 54~. 126, of Art. bS40, Revised Oivll Statutes, mats: *2 .

wA bill or exohti~g4 ie an uooonditicnal OAU &I writLn& 4ddnrsed by on4 pes40n ta snother, signad by the person g%vIng it, r4puIr5.21~ the person to mbra lt is addseased to pay w d4nand or at a flx4d or datm- m$aal;4gr4 tlm4 4.4~ a4rtaI.n in monsy to order .*

saotfoms 184 ana 188, of &MO14 ZMV, 24ll44d Oi+il f3htut48, itisa a part of the 84eotlclbl.e Ins-t8 La) Aad am fQllowst I'

*A rwotiabls p~~&emory mte' rftbln t.54 analas ’ or t&m Aot 20 an unooadftlonal od.e4i.n8rit~d4 r by 0214 person to axmf;her algnsd r th4 maker m ‘-- to pay on demand, .or at a fired or d4terakrable fihm

tb; a.sum aert4i.n ia.m4~ t4 Ord4r t4 b4ar4r. rraSn, a note, is draw& $0 th4 mak&s own 4+,i+, 2s s4t tlaup1.4t0 until fndorsed by hlln.

*A oheok 15 a bill of exahaage dr4ma on W PaJsbrs on d-d. IbcoSpt as h%r4in otherrriea proliad, th4 provisions oi thl4 aot apylloabl4 to a biLl of em&as@ payaU4 on am apply.to 4 abeok.* Ia V&l. 7, Am. Jux!., .a* pago 790, w4 i3nd &4 fol- lo*lngt

*BU.s or 4x0h4&4 OT awt8 oanstitute 4mmtd4l the draww wishsr to avail hkswelI at th4 plko4 wh4x-4 thm bill is wae, th% drawdr be* ta4 party pr5mrl.ly iat4r4sted ln, and hn4rited by, th6 tmn@aQtion. By +tds latrG=nt of exaban@ thir drmwr appropriat4s ths'fund,'aofilal QT antioipatad, ia the ctmm44~6 hand and reoefrer th4 am- .aideratlon ror the appropriistion fm ';ba ~4~44 to *a the iastruaent of appropriation ia dellvsr4d: Lh4 offSa of'th4 Lnstnunsnt Lo .to oolleet ior th4 draper tma th, drtn144, see&ding In cusother pla44, money tawhloh the 'for&m nosy be 4ntitled; sod although draits eo=4tlsa4 ar4 uOOa r0r misinq money that is not t;le mcas8am or ordinary purpose for &oh th4y are e%plo?ad.' *3 Hon. Zdgar A. Xaddox, pags 3

And, at page 795 of the,sam volum oi -tierio- Jurleprudsnoa, oa find this:

W%rioua definitions oi a ~ramissory note have been given. In general t4m5, it day be defined to be a urltt4n promise by on4 perraon to pay to another person thorelh named or hint ord4r, or to the bearer, 4 fixed sum ot money, et all events, and at a time speoifled or et time whioh mud oartalnly therein, arrive." While bills of erohange and pr0mi~00~ notee are mioh alike, ther4 ar4 differena4s between theat, thus wocg- niz4dd'by our statutes and bythe oommon law. he we underate&, th4 oorporatlon in qusation 4-46 in th4 buying of notes, nothing 4184. If 80, it does not deal with bills of 6x0-4, they being difrerent lnnstxua4nts. Mineral X4118 Investment

wan inoorporated uuder olauss Ho. 49 of Artiole 1x12, 24-1 mea Civil Statutes, readinS as follower "T

Vor.any one.or more of the following purposesr To aooumulate and lend mne , purchase, 8411 and deal in notee, bonds and seourit T 4s. but without banking ad dlmiounting prfvilogse; to eot .a6 trustee under any ,express trust ooa&$ted to them by oonbmot and as agent ror the perroix%finOo of any lawful %Ot."

W4 find authorization ia olau44 No. 66, Art1014 1902, to inoorporato 'to bujr, rell . . 6 or others164 deal 12 . , . bil&o 0r sxohang4r" Thus, in th4 ~ertiale our statut4s 84tMag forth the purpoees ror which private oorporations may b4 rorrsaa, we rind on4 sootion authorizing the f orxat20n of oorpcratiom to ~purchaa4, sell aa &eel in notea,“ end another s4otScn authcriaihg the orgnization 0-r coryratione to "buy, s4l.l or othemiee don1 in bi1J.s of exohehge." In W4b,bsterca I&w I&4rnational Dictionary, o;ie of the datinitiocs given of the nouh nexohangen IS: “8 bill of exohai~~: 3s oan asorlbe no other roeaniug to the word "BTOfiBnCe,~ as used in hrtiole 7165, than that of bill of 4XOharye, SO fkat C&3 term “dealer in raxohange; es unred in that statute, xe+vm a dealer in bills of exohcnE4.

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Hon. Ed@P A. Wddosc, page 4 Other queatlons rSlaO$ng to dealers in exohange

are eubmitted by you, but they h+hge~ on 8 different anwar above question iPolp the one whiUh we have given to the and need not k nvticed in this optaionr

In rwr 8aw letter you aldla requeuest our opinion in respones to these queetlQns1

“Sottonda In view of Art1010 889 D, Penal (lode, remlatiag transportation for pereons ror hires tram- portatlon agenoise for obtalrifng oo-traveler8 to share

neee# licenses and the deolsfons thereon. IO it an lndividuaf. iho has a driverts lloonse 00 with tha rxi8tlng law8 of the stats of Texam W&d whose automobile fs oquipped~wlth ordinary paeeenger plats8 and no others to oarry paosengers ror hire rr0ap 0116 point in the Stat.3 0r Tectrspr to another polqt in the State of Texae? Would the opinion be different if the.lndividuaf, had a chaur- r8wi3 lloense issued under the existing iawe 0r she State oi Texas? Would the first o~inlon on this quee- tion be diitsrent if the,autoaobile ia equipped with oomersreial platea?"

You have our opinion X?o. O-3770 and w% enclose chopi* of Wumbers o-1430 and O-1932. Those opinions nay suimiently dlepoae of these quertlon# arcked by you, deppending upon faote wMah do appear in your letter. Ir euoh oplr@na do not meet your meid8, we will be glad to hear from you in further detail aa to tti'ooperations befng oonducted and In whioh you are lntarested.

Your* very truly ATTORNEY GENERAL OF TEXAS Glenn R. Lslarie Attaletant GRUAu14

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