Smith v. Harbert's Administrator

Citations

• 30 Tex. 669

Syllabus

<p>The 1st section of the act of 20th March, 1848, prescribing the mode of establishing the liabilities of drawers, indorsers, &c., reads as follows: “The holder of any bill of exchange or promissory note, assignable or negotiable by law, may secure and fix the liabilities of any drawer or indorser of such bill of exchange, and every indorser of such promissory note, without protest or notice, by instituting suit against the acceptor of such bill of exchange, or against the maker of such promissory note, before the first term of the district court to which suit can be brought, after the right of action shall accrue, or by instituting suit before the second term of said court, after the right of action shall accrue, and showing good cause why suit was not instituted before the first term next after the right of action accrued.” (Paschal’s Dig., Art. 229, Note 290.)</p> <p>And the 4th section of said act reads as follows: “The holder of any such bill of exchange or promissory note may also secure and fix the liability of any drawer or indorser of such bill of exchange or promissory note, for the payment thereof, without suit against the acceptor, drawer, or maker, by procuring such bill or note to be regularly protested by some notary public of any county, for non-acceptance or non-payment, and giving notice of such protest to such drawer or indorser, according to the usage and custom of merchants.” (Paschal’s Dig., Art. 232, Note 293.)</p> <p>The 6th section of said act, which was repealed on the 11th of January, 1862» reads: “ Three days of grace shall be allowed on all bills of exchange and promissory notes assignable and negotiable bylaw: Provided, That the 4th, 5th, and 6th sections of this act shall extend only to contracts between merchant and merchant, their factors and agents.” (Paschal’s Dig., Note 295.)</p> <p>And by the act of 11th January, 1862, this last section is made to read as follows: “Three days of grace shall be allowed on all bills of exchange an