Hanna v. McCrory

Citations

• 19 N.M. 183
• 141 P. 996

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. It is an elementary an well settled rule of tlie law merchant, that an order for the payment of money out of a particular fund, is not a negotiable instrument. It is likewise equally well settled, that the inclusion in a cheek, order or bill of exchange of a direction to charge the amount to the check, order or of bill of exchange to a particular account, does not make it payable conditionally, or out of a particular fund, and therefore it is payable absolutely and is negotiable, and oes not constitute an assignment of a particular fund. And independent of judicial construction, this rule is established in New Mexico by Sec. 3, Chap. 83, S. L. 1907.</p> <p>P. 188</p> <p>2. The mere act of stamping a bill of exchange “paid” by the payee, in and of itself does not constitute payment. Payment could only be made by delivery of the actual cash, or an adjustment of accounts, by agreement of the parties, so that the payee would be obligated to the holder of the bill. • P. 189</p> <p>3. 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. 191</p>