exchange, promissory note, bond, specialty, or other security,
with or without suit, or the recovery and levying execution
against the party so liable, shall discharge him to the extent
of such payment, or of such recovery and levy in execution,
as the case may be, from his liability on any such cheque, bill
of exchange, promissory note, bond, specialty, or other secu-
rity; and such sheriff or other officer may and shall pay over
to the party suing out such writ the money so to be recovered,
or such part thereof as shall be sufficient to discharge the
amount by such writ directed to be levied and if, after satis-
faction of the amount so to be levied, together with sheriff's
poundage and expenses, any surplus shall remain in the hands
of such sheriff or other officer, the same shall be paid to the
party against whom such writ shall be so issued: Provided
that no such sheriff or other officer shall be bound to sue any
party liable upon any such cheque, bill of exchange, promis-
sory note, bond, specialty, or other security, unless the party
suing out such execution shall enter into a bond, with two
sufficient sureties, for indemnifying him from all costs and
expenses to be incurred in the prosecution of such action, or
to which he may become liable in consequence thereof, the
of such bond to be deducted out of any money to be
expense
recovered in such action.

Note. See note to sect. 38, ante, p. 127.

THE BANK CHARTER ACT, 1844.

(7 & 8 VICT. c. 32.)

An Act to regulate the Issue of Bank Notes, and for giving to the Governor and Company of the Bank of England certain Privileges for a Limited Period.

[19th July, 1844.

1 & 2 Vict.

c. 110.

of issue.

Sec. 10. That from and after the passing of this Act, no No new bank person other than a banker who, on the 6th day of May, 1844, was lawfully issuing his own bank notes, shall make or issue bank notes in any part of the United Kingdom.

Sec. 11.-That from and after the passing of this Act, it Restriction shall not be lawful for any banker to draw, accept, make, or of bank notes. against issue

7 & 8 Vict. c. 32.

Bankers ceasing to issue notes may not

resume.

Payment by banker of

draft or order

held under forged indorsement.

issue, in England or Wales, any bill of exchange or promissory note or engagement for the payment of money payable to bearer on demand, or to borrow, owe, or take up, in England or Wales, any sums or sum of money on the bills or notes of such banker payable to bearer on demand, save and except that it shall be lawful for any banker who was, on the 6th day of May, 1844, carrying on the business of a banker in England or Wales, and was then lawfully issuing in England or Wales his own bank notes, under the authority of a licence to that effect, to continue to issue such notes to the extent and under the conditions hereinafter mentioned, but not further or otherwise; and the right of any company or partnership to continue to issue such notes shall not be in any manner prejudiced or affected by any change which may hereafter take place in the personal composition of such company or partnership, either by the transfer of any shares or share therein, or by the admission of any new partner or member thereto, or by the retirement of any present partner or member therefrom: Provided always, that it shall not be lawful for any company or partnership now consisting of only six or less than six persons, to issue bank notes at any time after the number of partners therein shall exceed six in the whole.

Sec. 12. That if any banker in any part of the United Kingdom who, after the passing of this Act, shall be entitled to issue bank notes shall become bankrupt, or shall cease to carry on the business of a banker, or shall discontinue the issue of bank notes, either by agreement with the Governor and Company of the Bank of England, or otherwise, it shall not be lawful for such banker at any time thereafter to issue any such notes.

Note.-See note, ante, p. 64.

STAMP ACT, 1853.
(16 & 17 VICT. c. 59.)

Sec. 19.-Provided always, that any draft or order drawn upon a banker for a sum of money payable to order on demand which shall, when presented for payment, purport to be indorsed by the person to whom the same shall be drawn

c. 59.

payable, shall be a sufficient authority to such banker to pay 16 & 17 Vict. the amount of such draft or order to the bearer thereof; and it shall not be incumbent on such banker to prove that such indorsement, or any subsequent indorsement, was made by or under the direction or authority of the person to whom the said draft or order was or is made payable either by the drawer or any indorser thereof.

Note.-The remaining sections of this Act, which related to stamps, have long been repealed. The provisions of this section, in so far as they relate to bills payable on demand, are reproduced by sec. 60 of the Bills of Exchange Act, ante, p. 209, and sec. 24 of that Act, ante, p. 71, seems impliedly to repeal this section in so far as it relates to bills and cheques; but it was not included in the schedule of repeals, because it was thought it might apply to drafts or orders other than bills. For the decisions on it, see notes to sec. 60. It has no apparent connection with sec. 18, the section which preceded it, and which related to spoiled stamps.

THE STAMP ACT, 1854.

(17 & 18 VICT. c. 83.)

An Act to amend the Laws relating to the Stamp Duties.

[10th August, 1854.

definition of bank note.

Sec. 11. And whereas an Act was passed in the seventh Further and eighth years of her Majesty's reign, chapter thirty-two, to regulate the issue of bank notes; and an Act was passed in the eighth and ninth years of her Majesty's reign, chapter thirty-eight, to regulate the issue of bank notes in Scotland; and another Act was passed in the last-mentioned years, chapter thirty-seven, to regulate the issue of bank notes in Ireland; and in order to prevent evasions of the regulations and provisions of the said respective Acts it is expedient to define what shall be deemed to be bank notes within the meaning thereof respectively: Be it enacted, That all bills, drafts, or notes (other than notes of the Bank of England) which shall be issued by any banker or the agent of any banker for the payment of money to the bearer on demand, and all bills, drafts, or notes so issued which shall entitle or be intended to entitle the bearer or holder thereof, without endorsement, or without any further or other endorsement than may be thereon

17 & 18 Vict. at the time of the issuing thereof, to the payment of any sum

c. 83.

Stamp laws.

Lost negotiable instruments.

of money on demand, whether the same shall be so expressed or not, in whatever form and by whomsoever such bills, drafts, or notes shall be drawn or made, shall be deemed to be bank notes of the banker by whom or by whose agent the same shall be issued within the meaning of the said three several Acts last mentioned, and within all the clauses, provisions and regulations thereof respectively.

Sec. 12. All bills, drafts, and notes which by or under this Act, or the said three several Acts last mentioned, or any of them respectively, are declared or deemed to be bank notes, shall be subject and liable to the stamp duties, and composition for stamp duties, imposed by or payable under any Act or Acts in force upon or in respect of promissory notes for the payment of money to the bearer on demand; and all clauses, provisions, regulations, penalties, and forfeitures. contained in any Act or Acts relating to the issuing of such promissory notes, or for securing the said stamp duties and composition respectively, or for preventing or punishing frauds or evasions in relation thereto, shall respectively be deemed to apply to all such bills, drafts, and notes as aforesaid, and to the stamp duties and composition payable upon or in respect thereof, anything in this Act, or any other Act or Acts, to the contrary notwithstanding.

THE COMMON LAW PROCEDURE ACT, 1854.

(17 & 18 VICT. c. 125.)

Sec. 87.-In case of any action founded upon a bill of exchange or other negotiable instrument, it shall be lawful for the Court or a judge to order that the loss of such instrument shall not be set up, provided an indemnity is given to the satisfaction of the Court, or a judge, or a master, against the claims of any other person upon such negotiable instru

ment.

Note. In so far as this section relates to bills and notes, it is reproduced and extended by sec. 70 of the Bills of Exchange Act, ante, p. 233. It was not repealed because it applies to all negotiable instruments, and not merely to bills and notes.

THE LARCENY ACT, 1861.

(24 & 25 VICT. c. 96.)

An Act to Consolidate and Amend the Statute Law of England and Ireland relating to Larceny and other similar Offences.

As to Restitution and Recovery of stolen Property.

conviction
property on
of offender.
[Modified by

s. 24 of the

Sale of Goods
Act, 1893.]

instruments.

Sec. 100.-If any person guilty of any such felony or mis- Revesting of demeanour as is mentioned in this Act, in stealing, taking, obtaining, extorting, embezzling, converting or disposing of, or in knowingly receiving any chattel, money, valuable security, or other property whatsoever, shall be indicted for such offence, by or on the behalf of the owner of the property, or his executor or administrator, and convicted thereof, in such case the property shall be restored to the owner or his representative; and in every case in this section aforesaid the Court before whom any person shall be tried for any such felony or misdemeanour shall have power to award from time to time writs of restitution for the said property or to order the restitution thereof in a summary manner: Provided, that if it shall Saving for appear before any award or order made that any valuable negotiable security shall have been bond fide paid or discharged by some person or body corporate, liable to the payment thereof, or being a negotiable instrument shall have been bonâ fide taken or received by transfer or delivery, by some person or body corporate, for a just and valuable consideration, without any notice or without any reasonable cause to suspect that the same had by any felony or misdemeanour been stolen, taken, obtained, extorted, embezzled, converted, or disposed of, in such case the Court shall not award or order the restitution of such security: Provided also, that nothing in this section contained shall apply to the case of any prosecution of any trustee, banker, merchant, attorney, factor, broker, or other agent intrusted with the possession of goods or documents of title to goods for any misdemeanour against this Act.

Note. The proviso not only takes away the summary remedy, but is an answer to an action for the recovery of the instrument. Chichester v. Hill (1882), 52 L. J. Q. B. 160.