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Moratory Legislation Relating to Bills and Notes and the Conflict of Laws

Moratory Legislation Relating to Bills and Notes and the Conflict of Laws


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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1919 Excerpt: ... between the following alternatives: We must either recognize the foreign moratory legislation and hold that both presentment and protest are postponed until after the expiration of the extensions granted, or we must disregard it and allow an immediate right of recourse without the necessity of protest, if upon presentment at the time of original maturity the drawee fails to pay. In the opinion of the writer policy demands the adoption of the former alternative.69 On grounds of equity and fairness to the indorser the courts should impose upon the holder of the instrument at the time of original maturity the burden of showing that the indorser had actual knowledge of the existence of the foreign moratory legislation or that he gave notice thereof to such party within a reasonable time after the date of original maturity.70 Such a notice might enable the party secondarily liable to protect his interests by keeping the contingent liability in mind, which but for such notice he might consider discharged. Suppose, however, that no notice was given and that the bill is transferred before the date of its ultimate maturity to a holder for value who has no knowledge of the facts. Would he have the rights of a holder in due course? The answer must clearly be "yes," if the moratory legislation postpones the maturity of the instrument. A country recognizing such legislation must hold that any negotiation before the date of final maturity is in due course. There is more room for doubt where the legislation does not purport to change the date of maturity but postpones merely the time for protesting. III. CONCLUSION The courts and writers that have refused recognition to moratory legislation of the place where the bill or note is payable, with respect to the local drawer o...


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Product Details
  • ISBN-13: 9781151626226
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 32
  • Spine Width: 2 mm
  • Width: 189 mm
  • ISBN-10: 1151626228
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 77 gr


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