Commercial Law
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In our eReader you can find the full English version of the book. Read Commercial Law Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Commercial Law
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A promissory note from wife to husband, or husband to wife, or any other conveyance or transfer or contract was at common law and still is in many States invalid. A husband can, however, appoint his wife his agent, and a wife can appoint her husband her agent, and when such an agent acts, his act will be legally that of the principal, just as in any other case of agency. Accordingly, if a husband draws a check payable to his wife, though he does not become liable as drawer to his wife, and coul...d not be sued by her if the check was not paid, the bank runs no risk in paying the check because the husband has authorized the bank to make a pa3nnent to the wife. Similarly, if a husband authorizes a corporation to transfer stock to his wife it seems that the corpora- tion is protected, having acted under the authority of the owner, and that the wife would get a good title to the stock. This question has, however, been some- what disputed by lawyers. Therefore it is very prob- able that a corporation would, as a matter of precau- tion, refuse to run any risk by transferring directly from husband to wife or vice versa, but would require that the transfer should be made through a third per- son in any State where husband and wife cannot con- 250 COMMERCIAL LAW tract with one another.
What to read after Commercial Law?
You can find similar books in the "Read Also" column, or choose other free books by American Institute of Banking to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
A promissory note from wife to husband, or husband to wife, or any other conveyance or transfer or contract was at common law and still is in many States invalid. A husband can, however, appoint his wife his agent, and a wife can appoint her husband her agent, and when such an agent acts, his act will be legally that of the principal, just as in any other case of agency. Accordingly, if a husband draws a check payable to his wife, though he does not become liable as drawer to his wife, and coul...d not be sued by her if the check was not paid, the bank runs no risk in paying the check because the husband has authorized the bank to make a pa3nnent to the wife. Similarly, if a husband authorizes a corporation to transfer stock to his wife it seems that the corpora- tion is protected, having acted under the authority of the owner, and that the wife would get a good title to the stock. This question has, however, been some- what disputed by lawyers. Therefore it is very prob- able that a corporation would, as a matter of precau- tion, refuse to run any risk by transferring directly from husband to wife or vice versa, but would require that the transfer should be made through a third per- son in any State where husband and wife cannot con- 250 COMMERCIAL LAW tract with one another.
What to read after Commercial Law?
You can find similar books in the "Read Also" column, or choose other free books by American Institute of Banking to read onlineMoreLess
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