Law Commons^™

Bills And Notes - Liability Of Drawer Of Bank Draft - Statute Of Limitations, John P. Cofrin

Michigan Law Review

On April 1, 1918, defendant bank's predecessor issued a draft. The draft was negotiated by the payee to the plaintiff on August 10, 1937; presentment, refusal of payment, protest, notice of protest and dishonor all took place on that day. Defendant suffered no loss by reason of the delayed presentment. In a suit to enforce its liability as drawer, the defendant demurred on the ground that the complaint showed the action was barred by the statute of limitations. Held, the cause of action does not accrue in the sense that word is used in the statute until presentment, dishonor, …

Bills And Notes - Domiciled Note As A Check - Incidence Of Loss From The Failure Of The Bank Of Domicile After Maturity, Charles H. Haines Jr.

Michigan Law Review

Bonds of D County gave the holder the option of demanding payment at the office of the county treasurer or at a designated New York bank. At maturity, funds were available at the bank for payment, but the holder, P, made no presentment until eighteen days later, five days after the bank had failed, when demand was made on the county treasurer and payment refused. P sued. Held, the holder should recover the face of the bond regardless of the loss through the failure of the bank of domicile. Employers Mutual Insurance Co. v. Board of County Commissioners …

The Maturity Of Certificates Of Deposit And Promissory Notes Payable On Demand, Orrin B. Evans

Michigan Law Review

In one form or another a dozen cynics have voiced the sentiment that "speech exists to conceal thoughts." Perhaps because language is too intimately integrated with their livelihood, the lawyers have not generally admitted the assertion. However, in the interpretation of written instruments their brethren on the bench have at times so far disregarded the literal meaning of the words under consideration that one must suspect they secretly approve.

Promissory notes "payable on demand" furnish an illustration. Many cases testify that the true intention of the maker is to create an obligation due immediately and that an action to collect …