CIRCULAR NOTE

This article appears in Volume V06, Page 389 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: CHR-CLI

CIRCULAR NOTE , a documentary request by a

bank

BANK

to its

foreign

FOREIGN

correspondents to pay a specified sum of money to a named person. The person in whose favour a circular

note

NOTE
NOTE (Lat. nota, mark, sign, from noscere, to know)

is issued is furnished with a

letter

LETTER (through Fr. lettre from Lat. littera or litera, letter of the
alphabet
- ALPHABET (see also
  WRITING
  - WRITING
  - WRITING (the verbal noun of " to write," O. Eng. writan, to inscribe)
  )
; the origin of the Latin word is obscure; it has probably no connexion with the root of linere, to smear, i.e. with wax, for an inscription with a stilus)

(containing the signature of an

official

OFFICIAL (Late Lat. QJicialis, for class. Lat.
apparitor
- APPARITOR, or APPARATOR (Latin for a servant of a public official, from apparere, to attend in public)
, from officium, office, duty)

of the

bank

BANK

and the person named) called a

letter

LETTER (through Fr. lettre from Lat. littera or litera, letter of the
alphabet
- ALPHABET (see also
  WRITING
  - WRITING
  - WRITING (the verbal noun of " to write," O. Eng. writan, to inscribe)
  )
; the origin of the Latin word is obscure; it has probably no connexion with the root of linere, to smear, i.e. with wax, for an inscription with a stilus)

of indication, which is usually referred to in the circular

note

NOTE
NOTE (Lat. nota, mark, sign, from noscere, to know)

, and must be produced on presentation of the note. Circular notes are generally issued against a

payment

PAYMENT (Fr. paiement, from payer, to pay; Lat. pacare, to appease, pax, peace)

cash

CASH

to the amount of the notes, but the notes need not necessarily be cashed, but may be returned to the banker in exchange for the amount for which they were originally issued. A forged signature on a circular note conveys no right, and as it is the duty of the payer to see that

payment

PAYMENT (Fr. paiement, from payer, to pay; Lat. pacare, to appease, pax, peace)

is made to the proper person, he cannot recover the amount of a forged note from the banker who issued the note. (See also LETTER OF CREi)IT.)

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