Clayton Townsite Co. v. Clayton Drug Co.

Citations

• 20 N.M. 185
• 147 P. 460

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. A bill of exchange is an unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or a fixed or determinable future time a sum certain in money to order or to bearer.</p> <p>P. 188</p> <p>2. Where a statute requires the acceptance of a bill of exchange to be in writing and signed by the drawee, an oral acceptance is not binding upon the drawee.</p> <p>P. 189</p> <p>3.The effect of the acceptance of the order is to constitute the acceptor the principal debtor. By the act of acceptance he assumes to pay the order or bill, and becomes the principal debtor for tbe amount specified; tbe acceptance being an admission of everything essential to the existence of such liability.</p> <p>P. 189</p>