distinguished from equities, 200, 201.

use of the term, 201.

delivery and estoppel, 202-205.

how estoppel to deny delivery arises, 202–205.
holding in due course necessary, 203.

making theft easy, 203-205.

'one of two innocent persons' rule, 204, 205, 206.

fraud in esse contractus, 205, 206.

distinguished from ordinary fraud, 205.

material alteration, 206-221.

destroys the contract, 206, 207.

what alterations are material, 207.

changing legal effect, 207-210.
immaterial alteration, 207.
made with intent, 210-214.

correcting mistake, 210-214.

rule in regard to mistaken alteration, 213.

without consent, 214-216.

who are deemed to consent, 214.

acceptance of altered bill, 215.

alteration by drawer, 215, 216.

alteration by stranger, 216.

filling blanks wrongfully, 216, 217.

criminal act of agent, 217, 220.

facilitating alteration, 217-221.

negligence in such matter, 218-220.

Young v. Grote misunderstood, 219, 220.

alteration of marginal term, 221.

cutting instrument apart, 221.

forged indorsement, 222, 223.

chain of title, 222.

nominal exceptions, 222, 223.

forged signature of drawer, 223–226.

peculiarity of the case, 223-225.

ABSOLUTE DEFENCES, -continued.
forged signature of drawer, continued.
estoppel to deny signature, 223-226.

rule as to, founded on custom, 225.
and may be changed by custom, 225.

does not extend beyond drawer's signature, 225, 226.
other cases of estoppel, 226.

incapacity, 226–229.

a defence in all cases to incompetent party, 226, 227.

capacity to transfer distinguished, 227.

corporations, 228, 229.

married women at common law, 229, n.

illegality, 229-231.

statute and common law distinguished, 229, 230.

saving of holders in due course, 230, 231.

statutes of limitation, 231.

ABSOLUTE NOTICE,

of equities, 233, 234, 240.

ACCELERATING PAYMENT, 30, 36, 38.
ACCEPTANCE,

proper, 50-56.

drawee before, 50.

what it is, 50.

cheque 'accepted,' 50, 51.

how acceptor contracts, 50, 51.

of bills in a set, 50, n.

only drawee may accept, 51.
nature of contract, 51.

bill taken before, 51, 52.
consideration as to, 51.
no drawee named, 51, n.
incidents of contract, 52.

what acceptance admits, 52.
acceptance irrevocable, 52.
may be required in writing, 53.
oral acceptance, 53, 58, 59.
before completion of bill, 53.
time given for, 54.

by agent, 54.

how signified, 54, 55.

'accepted,' 55.

signature of drawee, 55.

'presented,'' seen,' date, 55.

kinds of acceptance proper, 55, 56.
general, 55, 56.

qualified, 56.

quasi-acceptance, 57-66.

on separate sheet, 57.

by telegraph, 57.

ACCEPTANCE,- continued.

quasi-acceptance, — continued.

oral acceptance and Statute of Frauds, 58, 59.
acceptance by conduct, 60, 61.

by giving credit, 60.
destruction of bill, 60, 61.

nature and incidents of contract, 61.
acceptance for honor, 61-63.

not of custom here, 61.

for better security, 61, 62.

must be in writing, 61.

for whom and by whom, 61, 62.

in case of need,' 62.

nature and incidents of contract, 62, 63.

promise to accept or 'virtual' acceptance, 63–66.

what meant by, 63, 64.

when made, 64.

terms of, 64.

should identify bill, 64.

nature of the contract, 64-66.

how it differs from acceptance, 65.

in whose favor binding, 65, 66.

existing bill, 65, n.

non-existing bill, 65, n.

incidents of the contract, 66.
by telegram, 66, n.

presentment for acceptance, 79-82, 113.
drawer contracts for acceptance, 79, 80.
refusal of acceptance, 80, 81.

rule in Pennsylvania, 81.

the Statute, 81, 82.

where to be made, 81.

failure to present, 82.

at what time to be made, 82.

what is dishonor, 82.

what to be done if refused, 82.

acceptance an admission of drawer's signature, 223–225.

reason thereof, 224.

bill taken before acceptance, 224, 225.

admission limited to drawer's signature, 225, 226.

ACCIDENT,

as an excuse of presentment, 166, 172, 175.

alteration of paper by, 210-214.

ACCOMMODATION CONTRACT,

what is, 184.

consideration, 184-186.

belongs to law merchant, 184.

peculiarity of, 185.

accommodation party a surety sub modo, 185, 186.

ACCOMMODATION CONTRACT,-continued.

taking accommodation paper with notice, 186, 187.

taking accommodation paper for pre-existing debt, 248.
fraudulent diversion, 254, 255.

ACTION,

when it may be brought, 18, 19.
ADDED LANGUAGE,

after note, 33.

ADMIRALTY,

early jurisdiction over instruments like bills and notes, 2, 3.
ADMISSION,

of genuineness, 98-101, 223-226.

of capacity, etc., 98-101.

AGENCY,

signing as agent,' 43-46.

mere description of signer, 44, 45.

exempting one's self from liability, 45, 46.

presentment to agent, 127.

notice of dishonor by agent, 142.

notice of dishonor to agent, 145.

agent treated as owner as to time of notice of dishonor, 150.

agent's warranty, 183.

creditor taking paper as agent, 247.

ALTERATION,

definition of term, 207.

changing legal effect, 207-209.

by accident or mistake, 210-214.
without consent. 214-217.

by stranger, 216.

by custodian or agent, 217.

facilitated by last holder. 217-221.

doctrine of estoppel in such cases, 219.

negligence, 219, 220.

removing marginal terms, 221.

cutting instrument in two, 221.

forgery of indorsement, 222, 223.

(See FORGERY.)

AMOMALOUS SIGNATURE,

a kind of indorsement, 46.

different doctrines as to, 47-49.
by the Statute, 49.

ASSURER'S CONTRACT,

annexed to contract of law merchant, 188.
guaranty and suretyship explained, 188, 189.

guaranty in specific sense, 189-195.

contemporaneous, 190.

consideration, 190.

subsequent, 191.

Statute of Frauds, 191, 192.