Raymond v. Mann

Citations

• 45 Tex. 301

Syllabus

<p>1. Draft — Diligence.—A draft drawn by an agent on his principal, in the usual course of his business, is as if drawn by the principal on himself; such a principal is not entitled to protest, notice, or other diligence necessary to bind indorsers.</p> <p>2. Agent’s power to bind principal. — Where an agent obtains money in the business of his principal, and which is so used, the principal is responsible for the money so obtained; and that such agent obtained the money by negotiating a check on his principal does not affect the liability.</p> <p>3. Pleading. — The rules of pleading and practice at common law on bills of exchange and promissory notes have no force in our courts; and whether a draft or bill of exchange given by such agent on his principal for money used for such principal be treated as a promissory note or as a mere history of the transaction, the equities between the parties to it must control.</p>