New York Court of Appeals December 12, 1871 (Richardson v. . Carpenter)

Grover, J.

The money was payable out of a particular fund. It was not, therefore, a draft, within the law-merchant; and the mere acceptance did not, of itself, create a presumption of a sufficient consideration. The fair import of the words, “for value received,” contained therein, is, that such value had been received by the drawer, and not by the acceptor.