Brown v. Cronise

Citations

• 21 Cal. 386

Syllabus

<p>Where a creditor receives, on account of his debt, a bill of exchange drawn in his favor by the debtor upon a third person, it operates but as a conditional payment ; if, however, the creditor fails to present it to the drawee for acceptance or payment as required by the rules of commercial law, it becomes thereby an actual charge against him, and operates pro tanto as a satisfaction of his demand.</p>