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payable, the payee ; the party holding it at the time of its maturity, the holder.

The words“ value received,” though usually inserted, are not legally indispensable, as value is implied in every note, bill, acceptance, and endorsement.

In the States of Pennsylvania and New-Jersey, the words without defalcation or discount," must be inserted after the words, * for value received." In Missouri, the words, “negotiable and payable, without defalcation or discount,” must be added to the words, “ for value received."

Notes bear interest only when it is so stated; but, after maturity, all notes bear legal interest. When a note is payable on demand, interest can alone be charged after the demand has been made. When it is improbable that a pote payable on demand will be paid when due, it should be made payable one day after date, with interest.

The holder of a note made payable to order, may sue in his own

name.

A note made payable to John Smith, or bearer, need not be endorsed. Its delivery is a sufficient guarantee of title. If the holder's title to it is questioned by the drawer,

, he has only to show in court that he obtained it for a fair consideration. If negotiated, or made use of, after maturity, it is subject to any set-off the drawer

may have against the payee. A promissory note given by a minor, even for necessaries, is void.

If a note is made payable to a firm, the signatures of the firm is A sufficient endorsement. But if it be made payable to two or more persons not co-partners, it is not negotiable withcut the endorsement of each.

No note is payable till the third day after the day expressed for its payment. These three days are called “ days of grace,” and if payment is not made, no suit can be begun till they have ex pired. Notes payable on demand” are not entitled to grace. An endorsed note, payable on demand, must be presented within a reasonable time-oay within three months.

A person becoming surety on a note, is liable as an ondorsor

An endorser muy waive demand and notice of a poto before ita maturity, without any consideration for such notice.

When a note falls due on Sunday, or on any leading holiday whon general business is suspended-Fourth of July, Thanksgiving, Christmas, or New Year's, for instance-demand for its payment must be made on Saturday, or the day preceding the holiday The demand must be made at the place of business of the maker within business hours, or at the specified place of payment should he have no place of business then at his dwelling-house When the maker has absconded, no notice is necessary.

The endorser of an accommodation note is a surety for the maker, and is liable for the costs of collection brought against such maker or endorser.

If the payee of a note wishes to pay it away to another without being responsible for its payment, he may endorse it with the fol. lowing words: Pay to John Smith, without recourse upon me;" or, “Pay to John Smith, at his risk :" or, “Pay to John Smith, without recourse."

If a party takes a note after it is due, he takes it at his own risk, as it is then subject to every defence against its payment that the drawer or endorsers had against it before it was negotiated.

Any promise to pay, without specifying the time of payment, is equal in law to a promise to pay on demand.

A pote promising to pay, “80 soon as circumstances will per mit.” is not a promissory note.

A paper is of no value where the acceptor draws it up and then writes across it his acceptance, leaving a blank for the drawer to sign his name. Such a paper is neither a bill, note, order, or security for the payment of money.

In many States, the making of a promissory note on Sunday ron ders it worthless.

The altering of a noto, in any manner, by the holder, makes it void

A note written thus : “I, Henry Mansfield, promise to pay John Jenkins, or order, one hundred dollars, value received,” is good without further signing. Such notes, however, being different from the customary forms, would be deemed imperfect, by men general. ly, and would be found difficult to negotiate.

A noto like the following is not a promissory note :

“Two yeurs from date, for value received, I promise to pay A B., or bearer, one hundred dollars with use.

Said A. B. agrees that it I pay him fifty dollars on or before the first day of January 1861), it shall cancel this note."

Demund of payment for a note must be made of the maker tho dav when it is lue; if not paid, notice must immediately be given to the endorsers; otherwise they will be released of their liability If he note be made payable at a bank or other place, demand must be m ude at the place where it is made payable. If paymen is refused, Lotice to that effect must be served without dolay upon the maker and each of the endorsers. This notice may be given by any person competent to serve it, but Notaries Public are usual. ly employed for that purpose. When payment of a note is refused, it is called dishonored. No particular form of words is necessary in a notice; all that is requisite is to apprise the party or parties of the fact that the note has been dishonored. The usual form of 8 notice of protest will be found below.

Notice by mail to an endorser, residing at a distance from the bank or place where the note is payable, is sufficient to hold him for its payment, in case the notice be sent on the last day of groothat is, the day on which the note was dishonored.

The same laws that apply to notes, apply also to bills of ex change.

Note with Surety. $100.

New-York, April 12, 1860. Sıx months after date, I promise to pay John Jones, or order ne hundred dollars, value received.

WM. JENKINS. J. G. WELLS, Surety.

An Unnegotiable Note. $100.

New-York, April 10, 1860. THREE months after date, I promise to pay John Jones one thousand dollars, for value received.

ADAM CLARK E.

A Negotiable Note. 81000.

New-YORK, April 19, 1860. Turee months after date, I promise to pay John Jones, or order me thousand dollars, for value received. ADAM CLARKE

A Note, or Due Bill payable on Demand. $100.

CINCINNATL, (0..) April 14, 1860. On demand, I promise to pay Charles Howard, or order, one bundred dollars, for vaiue received.

THOMAS MANSFIELD, 116 Main-street.

A Note bearing Interest. $100.

MILWAUKIE, (Wis.,) May 1, 1860. Six months after date, I promise to pay Edward R binson, or order, one hundred dollars, with interest, for value received.

SAMUEL LELAND.

A Note payable by Instalments. $3000.

PHILADELPHIA, (Pa.,) April 8, 1860. For value received, I promise to pay Jones & Williams, or order, three thousand dollars, in the manner following, viz. : one thousand dollars in one year, one thousand dollars in two years, and one thousand dollars in three years, with interest on all said sums, paya ble semi-annually, without defalcation or discount.

DAVID MILLER, 108 Arch-street

Sealed Note. 85000.

PHILADELPHIA, (Pa.,) April 8, 1860 For value received, I promise to pay Jones & Williams, or or. der, five thousand dollars, in three years from the date hereof, with interest, payable semi-annually, without defalcation, or discount. And in case of default of my payment of the interest or principal aforesaid with punctuality, I hereby empower any attorney at law, to be appointed by said Jones & Williams, or their assigus, to appear in any court which said Jones & Williams, or their assigne may select, and commence or prosecute a suit against me on said note, to confess judgment for all and every part of the interest or principal on said note, in the payment of which I may be delito. quont. Witness my hand and seal, this 8th day of April, A. D., 1860.

EDGAR MORSE SEAL. Attost, John SMITH.

Due Bill, payable in Goods. DUE John Jones, or bearer, fifty dollars in merchandise, for value received, payable on demand.

WM. JENKINS. New.YORK, May 3, 1860.

Order for Goods MR. J. Sweet.

New-York, April 12, 1860. PLEASE pay John Jones, or order, one hundred dollars in mor handise, and charge the same to account of WM. JENKINS.

Bill of Exchange. $1000.

Boston, (Mass.) April 5, 1860. Thirty days after sight, pay to the order of Messrs. John Smith & Co. one thousand dollars, and charge the same to account of

JAMES FOX. To Messrs. Wilson & Roberts, New-York.

A Set of Bills of Exchange. No. 188.-Ex. £300.

New-York, April 3, 1860. THREE days after sight of this, my first of exchange, (second and third unpaid,) pay to Charles Wignell, or order, three hundrod pounds sterling, value received, and charge the same to account of

JOIIN SMITH,

No. 188.--Ex. £300.

New-YORK, April 3, 1830. THREE days after sight of this, my second of exchange, (first and third unpaid,) pay to Charles Wignell

, or order, three hundred pounds sterling, value received, and charge the same to account of

JOHN SMITH.

No. 188.-Ex. £300.

NEW-YORK, April 3, 1860. Three days after sight of this, my third of exchange, (first and second unpaid,) pay to Charles Wignell, or order, three hundred pounds sterling, value received, and charge the same to account of

JOHN SMITU.

Money Order MR. JACOB Sweet:

New-York, April 12, 1860. PLEASE pay John Jones, or order, one hundred dollars, and charge the same to account of

WM. JENKINS

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