Bank note

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BANK NOTE, contracts. A bank note resembles a common promissory note, (q. v.) issued by a bank or corporation authorized to act as a bank. It is in fact a promissory note, but such notes are not, for many purposes, to be considered as mere securities for money; but are treated as money, in the ordinary course and transactions of business, by the general consent of mankind and, on payment of them, when a receipt is required, the receipts are always given as for money, not as for securities or notes. 1 Burr. R. 457; 12 John. R. 200; 1 John. Ch. R. 231; 9 John. R. 120; 19 John. 144; 1 Sch. & Lef. 318, 319; 11 Ves. 662; 1 Roper, Leg. 3; 1 Ham. R. 189, 524; 15 Pick. 177; 5 G. & John. 58; 3 Hawks, 328; 5 J. J. Marsh. 643.
     2. Bank notes are assignable by delivery. Rep. Temp. Hard. 53 9 East, R. 48; 4 East, R. 510 Dougl. 236. The holder of a bank note is prima facie entitled to prompt payment of it, and cannot be affected by the fraud of any former holder in obtaining it, unless evidence be given to bring it home to his privity. 1 Burr. 452; 4 Rawle, 185 13 East, R. 135 Dane's Ab. Index, h. t.; Pow. on Mortg. lndex, h. t. U. S. Dig. h. t. Vide Bouv. Inst. Index, h. t. Note; Promissory note; @Reissuable note.
     3. They cannot be taken in execution. Cunning. on Bills, 537; Hardw. Cases, 53; 1 Arch. Pr. 268 1 Wils. Rep. 9 Cro. Eliz. 746, pl. 25

References in periodicals archive ?
Full details of the design and security features on the new $20 banknote, and other denominations, are available on the Bank's website at banknotes.rba.gov.au.
"Second Issue: Banknotes issued in 1972 under the supervision of Oman Currency Board (100 Baisa, Quarter Rial, Half Rial, One Rial, 5 Rials, 10 Rials)." "Third Issue: Banknotes issued in 1976 under the supervision of the Central Bank of Oman (from 100 Baisa to 50 Rials)." "Fourth Issue: Banknotes issued in 1985 under the supervision of the Central Bank of Oman (from 100 Baisa to 50 Rials)." The replacement also includes Omani banknotes issued on November 1st, 1995.
They were put into circulation on May 28.One of the most significant changes of the new banknotes is that they are smaller and thus more practical."The new Pound 100 and Pound 200 notes are now the same height as the Pound 50 banknote, which makes them easier to handle and process by machines," reads a press release issued by the European Central Bank (ECB).
According to a statement from the apex bank, 'the intention of the Bank is to ensure that unfit, dirty, mutilated and counterfeit banknotes are not in circulation in Nigeria.
Rustamov noted that cotton paper banknotes lose their original appearance during long-term use and deteriorate over time, and this leads to additional expenses of the Central Bank.
The new 100 Leva banknote that the Bulgarian National Bank (BNB) put into circulation on 28 December 2018 appears to be more secure than the euro.
These are banknotes and coins delivered to the CBBH for analysis and expertise.
The use of these highly advanced foil stripes as key overt security feature on the RBA's new banknotes is the result of a high level technical collaboration of several project partners, said KURZ.
According to the BSP, the centennial commemorative notes are no longer acceptable as payment for any transaction but may be exchanged for new generation currency banknotes at face value, free of charge, in authorized agent banks and at BSP offices.
New banknotes will be issued within the current stock of money and will not affect the money supply.
The value of banknotes in circulation stands at 18 lakh crore till March end, RBI report also said.