Bank note

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Related to Bank notes: bank draft, fiat money, Promissory notes

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 ?
The government should also abolish Rs5,000 bank note to help reduce corruption and money laundering.
Speaking to journalists on June 3, CBK Governor Patrick Njoroge said he will be reaching other regulators in the region to ensure a smooth transition from old to new bank notes.
At the beginning of the week, scores of residents rushed to their local bank to exchange their old bank notes for new ones in the denominations of Dh10, Dh20, Dh50 and Dh100.
Scottish Lib Dem deputy leader Alistair Carmichael last week presented his LegalTender (Scottish Bank notes) Bill to Parliament in a bid to encourage businesses across the UK to recognise and accept Scottish bank notes.
Cherue denied knowledge or giving any authorization to the CBL to print additional money following the printing of the initial 5bn Liberian bank notes.
The banks then could issue bank notes worth up to 90 percent of the value of the bonds.
They are accused of possessing bank note sized sheets of paper, tin foil and bottles of liquid for fraud on February 15 last year.
Chief executive David Duffy said: "I am proud to announce that our second polymer bank note will be available in our branches on September 21.
Deposit of specified bank notes with the RBI, where in pursuance of the notification of the Government of India in the Ministry of Finance number S.O.
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Counterfeit e1/450 bank notes were found on a 20-year-old British tourist, Famagusta CID said on Wednesday.