to deposit the same in his local bank for collection, the bank forwarding the paper to the place of collection and becoming responsible to the depositor for any omission of duty on its or its agents' part whereby any obligor may be released from payment.

In the case of obligations maturing in a State not the domicile of the maker, the best course is to deposit with the local bank funds sufficient to meet the same, directing them to take up the paper.

This subject is more fully treated in various parts of this work, especially in drafts, checks, bills of exchange, and transmission of money.

The person to whom a right or thing is relinquished, surrendered, or abandoned.

ABANDONER

One who abandons.

ABANDONMENT

Surrender or relinquishment of a privilege, right, or possession. (Marine law) The abandonment by the master or owner of his ship and its freight to a creditor in satisfaction of a contract. (Marine insurance) The surrender to the insurers of such remaining portion of the insured property after the happening of the event insured against. This is done to hold the insurer for the total amount of the insurance. (Customs) The abandoning of dutiable goods to the government to escape payment of duties.

ABATEMENT

Reduction. The measure of decrease. Refunding of duties. The amount deducted from the first amount of a tax bill.

- ABBAS

An Eastern weight for pearls, supposed to be 24 grains Troy. ACCEPTANCE

ances

The obligation of the drawee to pay a draft or bill of exchange, generally evidenced by his writing the word " 'Accepted," and his signature on the paper the payment of which is assumed. Acceptare "general" when unlimited by any qualifying words, "special" when payable at a specified time and place, and “qualified" when accepted for a less sum than is named on the face of the paper, "supra protest" or "for honor," when accepted by a person not the drawee to save the honor or credit of the drawer or an endorser after refusal of the drawee to accept. Also the paper accepted, or the sum named therein.

ACCOMMODATION ENDORSER

An endorser who, without consideration or protection, endorses the paper of another not payable to himself.

ACCOMMODATION PAPER

Negotiable paper drawn, accepted, or endorsed without consideration by one to enable another to obtain credit or raise money on it.

ACCOUNT

A statement of the items and amounts due by one person to another for goods, services, etc.; a course of business dealings.

ACCOUNTABLE RECEIPT

A receipt of money or goods to be accounted for.

ACCOUNT CURRENT

(Open Account) A course of business dealings still continuing. ACCOUNT RENDERED

A statement presented by a creditor to his debtor, showing the charges of the former against the latter.

ACCOUNT SALES

A statement rendered by a broker, factor, or agent to his principal. ACCOUNT STATED

An account or statement which has been acknowledged as correct by the debtor, or to which he has not objected within reasonable time, showing the result of a course of transactions.

ACKNOWLEDGMENT

A written admission made before an officer empowered to take acknowledgments, such as a notary, commissioner, or judge, stating that the person making the same executed the paper for the "purposes therein stated," etc.; generally attached to bonds, mortgages, deeds, etc.

ACT OF HONOR

An instrument executed by a person not the drawee, after protest of draft or bill of exchange, to save the honor or credit of any party thereto.

ACTUARY

An expert in the application of the doctrine of annuities, especially with reference to insurance. Commonly one of the principal officers of life insurance companies, whose duties are principally to deduce from statistics, data, mortuary tables, etc., the value of contingent assets, the amount of accruing indebtedness, the proper premium charges, and to furnish statements of the company's condition.

ADJUDICATE

To decide, to award, to settle.

ADJUDICATION

Award, decision.

ADJUST

To settle; to agree upon.

ADJUSTMENT

(In marine insurance) The ascertaining and agreeing upon the final indemnity to which the insured is entitled, also the part of such indemnity for which each insurer is liable.

ADMINISTRATOR

(Legal) One who by virtue of authority from a proper court has charge of the personal property of an intestate.

AD VALOREM DUTY

A tax calculated and imposed upon the value, and not upon the weight, numbers, or packages of dutiable articles.

ADVANCE NOTE (or Bill)

A draft or demand on the owner or agent of a ship or vessel. Wages paid to sailors by the master or agent of a vessel on the signing of articles.

ADVANCES

Payments made on consignments before sale of the merchandise consigned. Loans on bills of lading; the delivery of a value before an equivalent is received; contributions to capital or stock; increase in price.

ADVENTURE

A commercial venture or enterprise in which one or more merchants are concerned for their individual or joint account.

ADVENTURE (BILL OF)

A document issued by and bearing the signature of a merchant, shipowner, or his agent, indicating that merchandise aboard a particular vessel is at the risk of another person, the maker of such bill being liable solely for its safe delivery.

ADVICE

Information from one or more persons to others interested in a joint transaction; as notices, letters, drafts, or demands drawn, etc.

AGENCY

The office or place of business of an agent, factor, or representative also the powers or duties of such agent, factor, or representative.

AGENT

One acting in place or as the representative of another.

AGIO (also spelled AYGIO)

Premium of exchange; premium or percentage of a better sort of money when it is given in exchange for an inferior sort. The premium or discount on foreign bills of exchange is sometimes called agio (Webster). The premium on depreciated currencies is called disagio, also the depreciation in value owing to abrasion of coins.

AGIOTAGE

Rate or price of exchange; speculation in exchange, bullion, stocks,

etc.

AGREEMENT (MEMORANDUM OF)

An instrument or document written or printed bearing the signatures of the parties thereto, stating the subject of their mutual contract.

AGREEMENT OF INSURANCE

A contract preliminary to the issue of the policy between the insurer and the insured, in regard to the terms and time of delivery of the policy.

ALLOWANCE

A deduction for tare, tret, breakage, etc. A limited deviation from exact conformity to the legal standard in the fineness and weight of coins.

ALLOY

v. The introduction of a baser metal into a more valuable one to decrease its value. n. The combination of a less valuable with a more valuable metal or metals.

ANNUITY

A sum payable yearly, to continue for a number of years, for life, or for ever; an annual allowance (Webster).

APPORTIONMENT

A dividing into proportions or shares.

APPRAISAL

See Appraisement.

APPRAISE

To fix a price upon, to set a value. The price or value set by ap praisers named by individuals or appointed by law.

APPRAISEMENT

Act of appraising; the price set on a value or service.