Page:United States Reports, Volume 1.djvu/453

442 

1789.

the assignor ; but he may bring covenant, or, perhaps an action for money had and received &c. 2 Lord Raym. 1242. 1419. But, in respect to notes, a blank indorsement passes, as if payable to bearer ; and every part of the statutes of William and of Anne, for giving negotiability to bills of exchange and notes of hand, has been introduced into this province from the earliest times.

For the Defendant, it was urged, that, at common law, bonds and notes were mere choses in action, and the assignee took them under all the equitable circumstances to which they were liable in the hands of the assignor. That promissory notes do not come within the law of merchants is clear ; for, if they did, the statute of Anne would have been unnecessary. The question, therefore, is, whether that statute has been extended to Pennsylvania? or, whether, by out act of Assembly, notes are put on the same footing with bills of exchange ?

From the general rule of the extension of statutes, the 3 &4 Ann. has not been extended ;  because it was passed subsequent to the settlement of Pennʃylvania ;  because the province is not particularly named in it, nor would it, indeed, have been the policy of the Britiʃh Legislature to promote the circulation of our paper credit ; and because it has not been recognized and adopted by any positive act of Assembly. With respect to the introduction of the statute by practice, it operates no further than this, that the payee of a promissory note has brought an action on the note against the signer before our act of Assembly was passed ; but till the, the indorsee could not maintain such an action ; and obligations and promissory notes, are put on the same footing.

With respect to the act itself, that the Legislature could not intend to put promissory notes upon the same footing with Bills of Exchange, appears evidently from this consideration, that the preceding part of the act pursues the statue of Anne, nearly verbatim ; but when it comes to that clause in the latter ; which places Notes on the same footing with Bills of Exchange, the Act equally varies its spirit and expression :  And, it is declared, that the assignee of a note, &c. shall recover so much thereoƒ as shall appear to be due at the time of the assignment, in like manner of the assignor could have done.

now delivered the opinion of the Court in the following manner:

M,‘KEAN, Chieƒ Juʃtice––In pronouncing the opinion of the Court, on the point reserved for their consideration, I shall premise that Bonds, and Promissory Notes in writing, stood on the same footing at common law ; and that the assignment of those instruments, as well as the form, operation, and effect of such assignment, depends entirely upon the municipal law of the place where it is made.

By an act of Assembly of Pennsylvania, passed on the 28th day of May, 1715, entitled “ As act for the assigning of Bonds, Specialties, and Promissory Notes,” it is recited in the preamble, “ that it hath been