of the letter, may recover back the same from the letter writer.

The circular note differs only from a special letter of credit in that it authorizes any one of a list of correspondents in different places, which are given in the letter, to advance money on drafts drawn on the faith of the letter of credit. This form of letter of credit is very commonly used by tourists throughout the world, certain banking firms making a special business of furnishing travelers with these letters of credit or circular notes.

"Where the letter of credit authorizes the dawing of a bill of exchange on the letter writer, it amounts to an acceptance of such a bill, when it is drawn." Tiedeman on Commercial Paper, page 500.

Who may accept.

176

Of bills in a set..

By two or more drawees.

Notice of non-acceptance..(See Notice of

....-172

116

Liability of general acceptor..

Liability of accommodation acceptor....

Discharge of......(See Discharge and Ex-

Dishonor.)

II

98

87

68, 70, 92

tinguishment.)

175

176

68

68

68

68, 70, 92

Assignment

Ambiguous instruments....(See Form and Es-

Antecedent debt (See Pre-existing Debts).
Antedated instrument not invalid.

Assumed name:

sential Characteristics.)

75

35

7

Transfer to or by.

100

Bankrupt:

When drawee of a bill is, rights of....
Notice to whom when party is.

Bearer:

Instrument must be payable to, or order.. 9
When payable to....

Fictitious payee is bearer.

"Cash" and "sundries" equivalent to..
Indorsement of instrument so payable..

When indorsed in blank.

4I

41

41

41

170

172

172

172

169

10, 37

12

12

18

When may be treated as promissory note... 43

Inland bill defined.

Foreign bill defined.

Order in required..

Form of...

ΙΟ

(See Acceptance.)
(See Indorsement.)
. (See Parties.)
(See Discharge.)

Intentional will discharge instrument...... 153
. (See Warranties.)

Capacity..

Cash:

Instrument payable to, is a bearer instru-
ment

Cashier:

4I

Instrument payable to, payable to bank.... 39
May certify checks..

Certificates of Stock:

Provisions relating to.

163

186

Check:

Indorser of, rights and liabilities..

.... 161

When presentment excused.

Extension of time for payment, effect of... 162

161

Partial funds confer no rights to holder... 161

When overdue..

162

Forged checks...

Revocation of to bank or holder.

Collateral Securities:

Time note with, form of......
Holder of deemed a purchaser.

Collection:

Indorsement for, effect of...

Fees for, provided for in instrument..
Form for.

Common Law:

Defined

166

166

27

77

55

32

28

3

58

28

28

50

History of....

Defined

What constitutes..

3, 45

46

46

Presumption as to..

Failure of...

Between what parties questioned..
As between third parties..

Contingency:

Instrument payable on not good.

47

47

48

47

34

Corporation:

Power to make bills or notes..

60

60

94