Sight(redirected from old sight)
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SIGHT, contracts. Bills of exchange are frequently made payable at sight,
that is, on presentment, which might be taken naturally to mean that the
bill should then be paid without further delay; but although the point be
not clearly settled, it seems the drawee is entitled to the days of grace.
Beaw. Lex Mer. pl. 256; Kyd on Bills, 10; Chit. on Bills, 343-4; Bayley on
Bills, 42, 109, 110; Selw. N. P. 339.
2.-The holder of a bill payable at sight, is required to use due diligence to put it into circulation, or have it presented for acceptance within a reasonable time. 20 John. 146; 7 Cowen, 705; 12 Pick. 399 13 Mass. 137; 4 Mason, 336; 5 Mason's 118; 1 McCord, 322; 1 Hawks, 195.
3. When the bill is payable any number of days after sight, the time begins to run from the period of presentment and acceptance, and not from the time of mere presentment. 1 Mason, 176; 20 John. 176.