“The illusion of freedom will continue as long 
as it's profitable to continue the illusion.
 
At the point where the illusion becomes too 
expensive to maintain, they will just take 
down the scenery, they will pull back the 
curtains, they will move the tables and chairs 
out of the way and you will see 
the brick wall at the back of the theater.” 

Friday, January 31, 2014

To Make An Indorser Liable On His Indorsement

To Make An Indorser Liable On His Indorsement

The instrument must be commercial paper;
For the indorsement of a bond or single bill will not, per se, create a responsibility.

COMMERCIAL PAPER defined: Bills of exchange (i.e., drafts), promissory notes, bank-checks, and other negotiable instruments for the payment of money, which, by their form and on their face, purport to be such instruments. Short-term, unsecured promissory notes, generally issued by large, well-known corporations and finance companies. U.C.C. Article 3 is the general law governing commercial paper. See also Bearer instrument; Instrument; Negotiable instruments; Note; Trade acceptance. Securities law. Commercial paper is a "security" under the Glass-Steagall Act and therefore is subject to its proscriptions on commercial banks marketing "stocks, bonds, debentures, notes, or other securities." Securities Industry Association v. Board of Governors of the Federal Reserve System et aI., 468 U.S. 137, 104 S.Ct. 2979, 92 L.Ed.2d 107. Black’s Law Dictionary Sixth Edition (page 271)

COMMERCIAL USE defined: Term implies use in connection with or for furtherance of a profit-making enterprise. Roberts Enterprises, Inc. v. Secretary of Transp., 237 Kan. 276, 699 P.2d 479, 483. Black’s Law Dictionary Sixth Edition (page 271)



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