ful kind of commercial paper, and

state he is about to purchase, he makes up the difference by

ways be regarded as security.

s part or even full payment for

es and putting them in his bank draws against them,

e transferred and sold, but a note

LUSTR

s known as a "drawer," the person in

, but it is better and safer t

rses, or it may be a bill of g

$100 in cash. Wh

end Jones. You pay me the $100 cash for which I will give you a rec

the note and take the property in question, which is no

be a legal form in w

Summit

er 10

ter date I pr

John Brown.

nd fifty ....

ln National

.. Value

ge J

ue April

$75, you take the money to Mr. Brown, who endorses on the back of the note, "Receive

at any time, the law cannot prevent the maker of a promissory note from s

OF

is a specified time for payment, or "demand" no

after the expiration of the date for payment. No

to the date in the note? Well, it is a custom, quite as old

the home or business place of the

SING

a mortgage has its

iven in business is to have it endorsed with a go

te you announce to all the holders of that note that you

or payment, unless the holder notifies him, within twenty-four hou

ser is responsible to all endorsers who follo

me after the first endorsement, should not wish to guarantee

as a "qualifie

OTIAB

be sold, like any other personal property, or the ow

ts face, the words, "Pay to bearer," or "Pay

NT

ey become jointly and individua

are known as

ore it has been handed to the payee, he makes h

on the expiration of time stated, he is lia

UNTIN

rom a bank on his note, he

sum paid for t

a certain percentage y

ompound interest" and is unused i

note is due, or deducting it from the principal in advance, i

ts rate is variable, depending on

he price, like that of wheat or cott

EST O

ith interest," or not, as the

interest in the note, no

all be ten per cent, payable semi-annually," provided always that

It invalidates all the interest, and i

eives interest payment he must record t

OT

r on a legal holiday, payment m

pointed by the

as a holiday, except Sunday, and t

notes held by them a few days before time se

for payment, as soon as the office closes

a notary public; he is usua

king of the promise, and demanding that the matter be se

ount on the maker of the note, as he would have for

within a fixed time is

notified within twenty- four hours of

TI

a note is to fix the li

rser notice of protest must be

le, to serve the notices o

must also

MMOD

ich is given without any consideration on the part of

ect to pay it, nor does the man in wh

by the sale of which, or through a bank

case is a friend w

ived such a note could not

ird party, who endorses it, then the ma

OST

y be lost

the maker from payment of the full amo

t once notify the

collect the full amount from the maker, provided the note is p

to the original owner, he should receive fro

cure him against p

ABOU

worth remembering ab

ote for payment, it becomes due as soon as it is made. 11. Where a note is made in one state and is payable in another, it is governed by the laws of the state in which it is to be paid. 12. Notes payable on demand draw no interest until after they have been presented for payment. 13. If a note reads "with interest" and no rate is specified then it draws the legal interest in the state in which it was made. 14. Demand notes are not entitled to days of grace. 15. If no place of payment is named in a note, it should be presented to the maker personally in business hours. 16. The misspelling of a word or words in no way