Sight

Presentment. Bills of exchange are frequently drawn payable at sight, or a certain number of days or months after sight. SIGILLUM (Lat.) A seal.

Presentment. Bills of exchange are frequently drawn payable at sight or after sight. Bills payable at sight are said to be entitled to days of grace by the law merchant; Big. Bills & N. 92; Dan. Neg. Instr. § 617; Cribbs v. Adams, 13 Gray (Mass.) 597; contra, Trask v. Martin, 1 E. D. Sm. (N. Y.) 505. Statutes have provided otherwise in all but a few states. See Days of Grace. The holder of a bill payable at sight is required to use due diligence to put it into circulation, and, if payable after sight, have it presented in reasonable time; Robinson v. Ames, 20 Johns. (N. Y.) 146, 11 Am. Dec. 259, 28 E. L. & E. 131; Field v. Nickerson, 13 Mass. 137; Fernandez v. Lewis, 1 McCord (S. C.) 322. After sight in a bill means after acceptance; in a note, after exhibition to the maker; Dan. Neg. Instr. § 619. It is usual to leave a bill for acceptance one whole day; but the acceptance is dated as on the day it was left; Sewell, Bank. A bill drawn payable a certain number of days after sight, acceptance waived, must be presented to fix the time at which the bill is to become due, and the term of the bill begins to run from the date of presentment. See 4 Montreal L. Rep. 249. Sight drafts and sight bills are bills payable at sight. See Bill of Exchange.

1. Presence, q. v. 2. Presentment. Bills of exchange and drafts are fi-equently drawn at sight or a certain number of days after sight. In the former case the paper is called a sight bill or sight draft, payable on presentment. Deposits are received by banks subject to sight drafts. 'Challiss V. Parker, 11 Kan. 391 (1873): Webster's Diet. As to power to make, see Attorney-General v. Boston, 142 Mass. 304 (1886). ' City of Kokomo v. Mahan, 100 Ind. 843 (1884). 'Dickinson o. City of Worcester, 138 Mass. 562 (1886). «Pequignot v. City of Detroit, 16 F. R. 211 (1883); O'Neil V. City of Detroit, 50 Mich. 133 (1883). 'District of Columbia v. Armes, 107 U. S. 535-86 (1883), cases. » 2 Dillon, Munic. Corp. § 1006, cases; Chase v. Cleveland, 44 Ohio St. 515, 609-11 (1886), cases; Boulder v. Niles, 9 Col. 415 (1886); Taylor v. Yonkers, 105 N. T. 305 (1887), cases; -17 How. 169; 32 Iowa, 328; 97 Mass. Bills payable at sight are entitled to days of grace ■ by the law-merchant; but statutes may have changed that law. The holder of such paper must use due diligence to put it into circulation. The holder of paper payable after sight must present it within reasonable time." See ExoHANSE, 2, Bill of.

contracts. Bills of exchange are frequently made payable at sight, that is, on presentment, paid without further delay; but although the point be not clearly settled, it seems the drawee is entitled to the days of grace. Beaw. Lex. Mer. pl. 256; Kyd on Bills, 10; Chit. on Bills, 343, 4; Bayley on Bills, 42, 109, 110; Selw. N. P.. 339.