An instrument which appears in common observation to be a bill of exchange may be treated as such, although words be introduced into it for the purpose of deception, which might make it a promissory note. With respect to these bills of excharge, the following rules must be observed: A bill of exchange must not purport to be payable out of a particular fund, which may or may not be productivek, or upon an event which may not happen; for it would perplex the commercial transactions of mankind, if paper securities were issued into the world incumbered with conditions and contingencies, and if the persons to whom they were offered in negociation were obliged to inquire at what time these uncertain events would probably be reduced to a certainty. The following cases will illustrate this position: An action was brought by payee against drawer of a written instrument in these words': "Seven weeks after the date pay A. B. £ W. Steward's money as soon as you receive it." out of It was objected "that it was payable out of a supposed fund at a future time, which was uncertain and might or might not happen." The court gave judgment for the defendant; and de Grey, C. J. said, that the instrument or writing which constituted a good bill of exchange, according to the law, and custom of merchants, was not confined to any certain form of words, yet it must have some essential qualities, without which it was not a bill of exchange; it must carry with it a personal and certain credit given to the drawer, not confined to credit upon any thing or fund; that the payee or indorsee took it upon no particular event or contingency, except the failure of the general credit of the person drawing or negociating the same. So where the instrument declared on was, "Pay A. B. one month after date £ on account of the freight of the Veale Galley." It was objected, that it was an order upon a particular fund and on this ground, Lee, C. J. ruled it not to be a bill of exchange. Banbury v. Lisset, Str. 1212. So where a bill was drawn by an officer upon his agent, requesting him to pay out of his growing subsistence, it wasm holden not to be good be i Allan v. Mawson, 4 Campb. 115. 1 Dawkes and another v. Ld. De LoGibbs, C. J. raine, 3 Wils. 207. 2 Bl. R. 782 S. C. k Jenny v. Herle, Lord Raym. 1362. Stevens v. Hill, 5 Esp. N. P. C. 247. m Josselyn v. Lacier, 10 Mod. 294, 316. Fort. 281. S. C. MS. Serjt. Hill, vol. 32 p. 1. So a request to J. S. to pay cause the fund was uncertain. £ out of the monies in J. S.'s hands", belonging to the proprietors of the Devonshire mines was holden not to be a bill of exchange, because it was uncertain whether the fund would be sufficient to pay it. Per Cur. So an order to pay money out of the fifth payment when it should become due, and it should be allowed by the drawero. The same principle was recognized in the following case, although the instrument was holden to be a good bill of exchange. J. S. on the 25th of May, 1724, drew a bill on J. N. and directed him, one month after date to pay A. B. or order £ as his quarter's half-pay, from 24th June, 1724, to 25th September following. The court were of opinion that this was a good bill of exchange, for it was not payable on a contingency nor out of a particular fund and was made payable at all events; and was drawn upon the general credit of the drawer, not out of the half-pay; for it was payable as soon as the quarter began for the half-pay mentioned in the bill, which was not to be due till three months after. The mention of the half-pay was only by way of direction to the drawee, how he should reimburse himself. Of the Stamp.-A bill of exchange cannot be given in evidence, nor is it in any manner available, unless it be duly stamped, that is, not only with a stamp of the proper value, but also with a stamp of a proper denomination, or the peculiar stamp appropriated to this species of instrument by the legislature. Notice of dishonour of a bill not drawn on a proper stamp is not necessary"; for it is worth nothing. The amount of the stamp duties on bills of exchange is at this time (1837) regulated by stat. 55 Geo. 3. c. 184. as follows: Str. 762. and 11 Mod 400. Leach's. ed. q 1 Bos. and Pul. N. R. 30. n Jenny v. Herle, B. R. on error from p Mackleod v. Snee, Ld. Raym. 1481. C. B. Str. 591. and more fully reported in 8 Mod. 265. Lord Raym. 1361. and 11 Mod. 384. Leach's edit. o Haydock v. Lynch, on demurrer to declaration, Ld. Raym. 1563. r Cundy v. Marriott, 1 B. & Ad. 696. Inland bill of exchange, draft, or order, to the bearer or to order, either on demand or otherwise, not exceeding two months after date or sixty days after sight, of any sum of money: (1) Duty. £ Amounting to 40s, and not exceeding 51. 58. 0 201. 0 S112236255 s. d. 1 0 6 0 6 6 4 6 0 0 150 600 Inland bill of exchange, draft, or order, for the payment to the bearer or to order, at any time exceeding two months after date, or sixty days after sight, of any sum of money: Amounting to 40s. and not exceeding 51. 58. (1) A bill payable to A. B. or order on demand is not a bill payable to bearer on demand, and therefore is within the second class of the schedule requiring the lower stamp. Exp. Robinson, 1 D. & Ch. 275, questioning the authority of Keates v. Whieldon, 8 B. and C. 7. Inland bill, draft, or order, for the payment of any sum of money, though not made payable to the bearer or to order, if the same shall be delivered to the payee, or some person on his or her behalf. Inland bill, draft, or order, for the payment of any sum of money, weekly, monthly, or at any other stated periods, if made payable to the bearer, or to order, or if delivered to the payee or some person on his or her behalf, where the total amount of the money thereby made payable shall be specified therein, or can be ascertained therefrom. And where the total amount of the money thereby made payable shall be indefinite. And the following instruments shall be deemed and taken to be inland bills, drafts, or orders, for the payment of money, within the intent and meaning of this schedule, viz. All drafts or orders for the payment of any sum of money, by a bill or promissory note, or for the delivery of any such bill or note in payment or satisfaction of any sum of money; where such drafts or orders shall require the payment or delivery to be made to the bearer, or to order, or shall be delivered to the payee, or some person on his or her behalf. All receipts given by any banker or bankers, or other person or persons for money received, which shall entitle, or be intended to entitle, the person or persons paying the money, or the bearer of such receipts, to receive the like sum from any third person or persons. And all bills, drafts, or orders, for the payment of any sum of money out of any particular fund which may or may not be available, or upon any condition or contingency which may or may not be performed or hap s See Firbank v. Bell, 1 B. & A. 36. The same duty as on a bill of exchange for the like sum payable to. bearer or order. The same duty as on a bill payable to bearer or order, on demand, for a sum equal to such total amount. The same duty as on a bill on demand for the sum therein expressed only. pen, if the same shall be made payable to the bearer, or to order, or if the same shall be delivered to the payee, or some person on his or her behalf. A bill drawn payable to the order of the drawer in London, (where drawn,) upon a foreign merchant abroad and accepted by him payable in London, requires a stamp as an inland billt. Foreign bill of exchange (or bill of exchange drawn in, but payable out of, Great Britain) if drawn singly and not in a set Foreign bills of exchange, drawn in sets, according to the custom of merchants, for every bill of each set, where the sum made payable thereby shall not exceed . 1007. Exceeding 100l. and not exceeding 2001. 5001. 10007. 20001. Exceeding 3000Z. 2001. 0 3 5001. 0 4 1000l. 5 20001. 076 30001. 0 10 O 15 Exemptions from the preceding and all other Stamp Duties: All bills of exchange, or bank post bills, issued by the governor and company of the Bank of England. All bills, orders, remittance bills, and remittance certificates, drawn by commissioned officers, masters and surgeons in the navy, or by any commissioner of the navy, under the act of the 35th year of his late Majesty's reign, for the more expeditious payment of the wages and pay of certain officers belonging to the navy. All bills drawn pursuant to any former act of parliament by the commissioners of the navy, or by the commissioners for victualling the navy, or by the commissioners for managing the transport service, and for taking care of sick and wounded seamen, upon, and payable by the treasurer of the navy. All drafts or orders for the payment of any sum of t Amuer v. Clark, 2 Cr. M. & R. 468. |