Horace Gray

“ When the maker of a negotiable instrument lawfully cancels it before maturity, his liability upon it is extinguished, and cannot be revived without his consent. It is immaterial whether the cancellation is by destroying the instrument, or by writing or stamping words or lines in ink upon its face, provided the instrument, in the condition in which he puts it, unequivocally shows that it has been canceled. ”

“ Manners, Lord ELLENBOROUGH said: 'It is the duty of bankers to make some memorandum on bill and notes which have been paid;' clearly indicating his opinion that the making of such a memorandum upon the securities would be sufficient to protect the bankers from being afterwards held liable to any holder thereof. ”

“ The certificates in suit, after they had been redeemed according to law, were canceled by the proper officers, by distinctly stamping in ink across the face words stating that fact, and in that condition were made up in bundles, and put away on a shelf, whence they were afterwards stolen by a clerk, who had no duty or authority connected with their redemption or care, and who afterwards fraudulently effaced the marks of cancellation by the use of detersive soap, and by pasting coupons over them, and then put the certificates in circulation. ”