Page:United States Reports, Volume 1.djvu/205

 

COMMON PLEAS, Philadelphia

County

June Term, 1787.

HIS case came before the Court on a special verdict, and, after argument, the following judgment was pronounced by the

SHIPPEN,Preʃsident–This action is brought against the acceptors of an inland Bill of Exchange, made payable to Bass and Soyer and indorsed by them, after the Acceptance to the Plaintiff for a valuable consideration. The Bill is payable to Bass and Soyer, without the usual words ‘‘ or order ’’  ‘‘ or assigns,’’ or any other words of negotiability. The question is, whether this is a Bill of Exchange, which, by the law merchant, is indorsable over, so as to enable the indorsee to maintain an action on it against the acceptors, in his own name.

The Court has taken some time to consider the case, not so much from their own doubts, as because it is said eminent Lawyers, as well as Judges, in America, have entertained different opinions concerning it. There is certainly no precise form of words necessary to constitute a Bill of Exchange, yet from the earliest time to the present, merchants have agreed upon nearly the same form, which contains few or nor superfluous words, terms of negotiability usually appearing to make a part of it. It is indeed generally for the benefit to trade that Bills of Exchange, especially foreign ones, should be assignable ; but when they are so, it must appear to be a part of the contract, and the power to assign must be contained in the Bill felf.