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Indicative of agency. The court held the instrument ambigu-

ous and admitted parol evidence to explain it. Had the signa-

ture been followed by the word "cashier," it would have been

held unequivocally the obligation of the bank.^ This case is

the origin of a vague doctrine that the signature of a cashier

stands upon a different footing from that of other agents, but

clearly it is to be explained in accordance with the rule gov-

erning an ambiguity appearing on the face of the instru-

ment.

(5) Marginal memoranda. It has been held that negoti-

able instruments with the name of the principal across the

end, and signed "A. B., agent," or "president," "treasurer,"

etc., are the obligations of the principal whose name is thus

disclosed upon the instrument.^ But the contrary decision

1 Hitchcock V. Buchanan, 105 U. S. 416; Olcott <;. Tioga R. R. Co.,

27 N. Y. 5i6.

2 Cf. Casco Xat. Bk. v. Clark, 139 N. Y. 305.

3 Slawson v. Lonng, 5 Allen (Mass.), 340.

4 5 Wheat. (U. S.) 326.

5 Mr. Justice Lamar in Falk v. Moebs, 127 U. S. 597, 606.

В® Carpenter v. Farnsworth, 106 Mass. 561; Chipman v. Foster, 119

Mass. 189,

246 AGENT AND THIRD PARTY.

lias been reached in other cases, ^ thougli with a snsigestion

that the i-esult might have been otherwise had the action been

between the original parties.^

§ 193. Same. — Acceptors of bills of exchange.

The above illustrations cover mainly the cases of makers of

promissory notes and drawers of bills of exchange, as to whom,

in these matters, there is no distinction.^ We have yet to

consider the cases of acceptors of bills of exchange and in-

dorsers of bills or notes.

A bill of exeliange is drawn upon some designated person,

known as the drawee. If he accepts the bill he is bound as

acceptor, and the mere fact that he adds " agent," or " presi-

dent," " treasurer," etc., after his signature will not render

his unnamed principal liable. The following will illustrate

the phases of this (piestion :

(1) The bill may be drawn on " A. B." and accepted by

'•A. B.; " or drawn on "A. B., agent," and accepted by "A.

B., agent;" or drawn on "A. B., agent of P. Q.," and ac-

cepted by " A. B., agent of P. Q." In the first two cases there

Is general agreement that, in the absence of recitals -or other

Indications of the identity of the principal, a. B. Alone is

bound.* In the third case there is disagreement, one case

holding the obligation clearly that of the agent/' and another

holding parol evidence admissible to explain it.*^ But there

seems to be no more reason for giving the term " agent of

P. Q." any different construction here than when added to

the signature of a maker or drawer.

(2) The bill may be drawn on " A. B." and accepted by

"P. Q. by A. B., agent." Here clearly A. B. is not bound.

But neither is P. Q., because P. Q. is not the drawee, and

1 Casco Nat. Bk. r. Clark, 1:39 N. Y. 305; First X. B. v. AVallis, 150

N. Y. 455.

2 Ante, В§ ISO.

8 Tucker Mfg. Co. i\ Fairbanks, OS ^ilass. 101.

* Mare v. Charles, 5 El. & Bl. 978 ; Slawson v. Loring, 5 Allen (Mass.),

340.

6 ISIoss V. Livingston, 4 Coinst. (4 N. Y.) 20S.

В« Shelton v. Darling, 2 Conn. 435 ; Laflin, &c. Co. v. Sinsheimer, 48

Md. 411.

LIABILITY IN CONTRACT. 247

only the drawee can accept.^ But if in such a case the bill

is accepted " A. B. as agent of P. Q.," or " A. B. for P. Q.," it

seems that the agent is bound, because where a bill is drawn

on an agent personally, and he accepts it in his own name, he

is liable, even though he indicates that he is signing for or on

behalf of a princi[)al.^

(3) The bill may be drawn on " P. Q." and accepted by

" A. B., agent." Here it would seem that only P. Q. is liable,

for as only the drawee can accept, it is clear that "A. B.,

agent," is to be read " A. B., agent for the drawee." ^ In any

event A. B. is not liable because the bill is not drawn upon

him, and only the drawee can, accept.*

(4) The bill may be drawn on " A. B., agent," etc., but

may bear other marks indicating that A. B. is the agent of

the drawer. This is held to be the case where a bill is

drawn by "The P. Q. Co., by C. D., Pres't," upon "A. B.,

Treas.," with a direction to charge to the account of the

company.^ But it is difficult to reconcile the cases upon this

point.^

§ 194. Same. — Indorsers of bills and notes.

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