Joseph Story

“ And if an action of debt will lie in favour of the payee of a note against the maker, it is not easy to perceive any sound principle upon which it ought to be denied against an acceptor of a bill. The acceptance of a bill is just as much an admission of a debt between the immediate parties as the drawing of a note. ”

“ It is admitted that in Hardres, 485., the court held that debt does not lie by the payee of a bill of exchange against the acceptor. The reasons given for this opinion were, first, that there is no privity of contract between the parties; and, secondly, that an acceptance is only in the nature of a collateral promise or engagement to pay the debt of another, which does not create a duty. It is very difficult to perceive how it can be correctly affirmed that there is no privity of contract between the payee and acceptor. ”

“ Upon the whole, we do not think that the authority in Hardres can be sustained upon principle; and we see no inconvenience in adopting a rule more consonant to the just rights of the parties as recognised in modern times. ”