Section 8-5-1

Action on instrument issued to circulate as money without authority; interest on same.

Every bill of exchange, note, bond, or instrument of any description, whatever may be its form or device, issued with the intent to circulate as money without authority of law, is an absolute, unconditional promise of the association or person putting such bill, note, or other instrument in circulation, and may be sued on by the holder thereof without transfer or assignment and without demand, protest, or notice and the amount thereof recovered with interest thereon at the rate of 50 percent per annum from the date thereof or from the time the same was put in circulation.

(Code 1852, §935; Code 1867, §1171; Code 1876, §1424; Code 1886, §1193; Code 1896, §866; Code 1907, §5150; Code 1923, §9223; Code 1940, T. 39, §192.)