Bank of Richland v. Nicholson

This was an action 'by the payee of an inland bill of exchange against the drawer. The defense was, that the drawer had not been given notice of dishonor within a reasonable time after the refusal of the drawee to pay; that he had been notified by the holder that the bill had been paid; that he relied upon this statement and was thus lulled into security, as a consequence of which he sustained damage by reason of the fall in the market price of cotton which was held as a pledge to secure the payment of the bill; the amount of the*damage being in excess of the balance claimed to be due on the…