United Railway & Logging Supply Co. v. Siberian Commercial Co.

Citations

• 117 Wash. 347
• 201 P. 21
• 19 A.L.R. 506
• 1921 Wash. LEXIS 1046

Syllabus

<p>Bills and Notes (34) — Trade Acceptances — Negotiability—Time or Payment — Holder in Due Course — Statutes. A trade acceptance reciting “on December 1, pay to tbe order of G. W. Laing,” is incomplete so far as fixing date of payment, and bence constitutes a non-negotiable instrument against wbicb tbe drawee bas a right to defend, in view of Rem. Code, § 3443, wbicb defines a bolder in due course as “a bolder wbo bas taken tbe instrument under tbe following conditions: (1) that it is complete and regular on its face.”</p> <p>Same. Where a trade acceptance attempts to fix,' without completing, the statement of time of payment, it does not come within tbe definition of Rem. Code, § 3398, declaring an instrument is payable on demand “. . . (2) in wbicb no time of payment is expressed.”</p>