to the importance of the subject. The topics of "Guaranty," "Nonnegotiable Notes," and some others of minor interest, have been added to those included within the Negotiable Instruments Law. In the preparation of the book the editor has derived the greatest assistance from the well-known works of Sir John Byles, Mr. Daniel, and Professor Ames, and from the article on Bills of Exchange in the second edition of the American and English Encyclopedia of Law. The book is intended primarily for students. It constitutes, however, a somewhat complete annotation of the Negotiable Instruments Law, and as such may prove of value to practitioners. On many points, editorial notes have been added, in order to give greater completeness to the subject treated, and to indicate any conflict of authority that may have preceded the enactment of the statute. CORNELL UNIVERSITY, E. W. H. PREFACE TO THE SECOND EDITION. AT the date of the preface to the first edition of this work only four states had passed the Negotiable Instruments Law and there had been no cases decided under it. Since that time this act has been adopted in thirty-eight states and territories. The main purpose of this edition is to bring the first edition down to date by incorporating into it such cases decided under this enactment as seem desirable in order to present the case law on negotiable instruments as it exists to-day. The effort, of course, has been to select those cases where it is held that the Negotiable Instruments Act has changed the pre-existing law or at least has resolved a conflict existing among the earlier authorities. So far, however, as the cases in the first edition, no matter how old, are satisfactory illustrations of the provisions of the statute, they have not, in general, been displaced simply in order to get more recent cases or even cases citing the Negotiable Instruments Law. A few cases not decided under the statute have been added where the treatment in the first edition of the subjects involved seemed inadequate. Practically all of Mr. Huffcut's notes have been retained. These are followed by the letter "H," while the notes added by the present editor are followed by the letter "C." Permission was very kindly given by Mr. McKeehan and the American Law Register to reprint the extracts from the article on "The Ames-Brewster Controversy," and by Professor Williston and the Harvard Law Review Association to reprint the article entitled "An Ambiguity in the Negotiable Instruments Law." It is regretted that the limitations of space forbade the reprinting of more of Mr. McKeehan's article, for it remains to-day, in the opinion of the editor, the best exposition and general survey of most of the troublesome parts of the Negotiable Instruments Law. The list of states and territories which have enacted this statute was compiled largely, with the kind permission of the draftsman of the act (J. J. Crawford, Esq.), from the list given in the third edition of his work on the Negotiable Instruments Law. TABLE OF CONTENTS. I. CODES GOVERNING BILLS, NOTES AND CHECKS. 1. The English Bills of Exchange Act. 2. The American Negotiable Instruments Law. II. CONSTRUCTION OF CODIFYING STATUTES. 1. The Law Merchant and its history. PAGE. 3. The promise or order must be unconditional. (a) Conditional promises or orders not negotiable.... |