William Burnham Woods

“ We shall assume that the note was left by Bacon & Co. with the Merchants' bank, as agent of the appellant, on that day. The purpose for which Bacon & Co. presented the note of Weyand & Jung to the Merchants' bank is not left in doubt by the testimony. It was that the note or its proceeds might to credited on the claim against Bacon & Co. held by the appellant, the Quebec Bank of Toronto. They were of opinion that if they could thus reduce the amount due on the claim they would be able to raise money enough to pay off the residue, and thus save their credit and go on with their business. ”

“ Knox, 3 Esp. 46, it was said by Lord ELDEN: 'If a person give a bill for a particular purpose, and that is known to the party taking the bill, as, for example, to answer a particular demand, then the party taking the bill cannot apply it to a different purpose.' See, also, Delauney v. ”