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the note in this manner : “ Without recourse to me, John Doe." If he wishes to make it payable to a third party specially, he can do so by endorsing it thus : “ Pay the within to John Jones, or order, John Doe;" John Jones must then endorse it in order to transfer it to another person.

A note running thus, “I promise to pay," and signed by two parties is joint and several, and may be collected of either party; if it is desired to make only a joint note, write it thus, “We jointly and not severally promise.”

If a note is made payable to the order of two or more persons who are not partners, they must each and all endorse it, in order to make a valid transfer.

A note negotiated after it is due is subject to any offset the maker of the note may have against the person to whom it is made payable.

The words “without defalcation or discount,” must be inserted in notes in New Jersey and Pennsylvania. In those states a note in which these words are not inserted is subject to the same disabilities as a note that is past due.

Promissory notes are entitled, like bills of exchange, to three days of grace, and payment should be demanded on the last day of grace. Custom, and the statute in some states, make a note falling due on Sunday payable the day previous.

Demand of payment should be made of the maker on the day when the note is due, and if not paid, notice should be immediately given to all the endorsers, if this is not done they will be discharged from their liability.

If the words “ with interest” are omitted in a note, it will not draw interest before the time at which it is due. If it is not paid when due, it will draw legal interest from that time. If the note is payable on demand, it will draw interest from the time payment is demanded. If a note is made payable in a specified commodity payment must be offered at the time required, otherwise the holder can demand its value in money, (This rule is equally applicable in all contracts for barter.) The holder of a note need not accept a sum less than the whole amount due, but if he does, he should credit the amount received on the back of the note. The rate of interest allowed on money past due, is the legal rate of the state in which the paper is drawn.

When a note has been lost it is advisable to give the fact all the publicity possible, so that the public may be prevented from purchasing it; yet if it get into the hands of one who paid value for it in good faith, it must be paid, unless its negotiation has been accomplished by forgery. See Bills OF EXCHANGE, page


No. 78.-Note not Negotiable.


New York, November 9, 1850. Twenty Days after date, I promise to pay to Martin W. Goodman, Six Hundred and Ten Dollars, value received.


No. 79.-Note Negotiable by Endorsement.



New Orleans, Sept. 12, 1850. Ten Days after date, I promise to pay to the order of John Jones, Two Hundred and Fifty Dollars, value received.



Chicago, July 10th, 1850. Three months after date, I promise to pay to James Smith, or bearer, One Hundred and TwentyFive 20th Dollars, value received.


No. 81. -Joint Negotiable Note, payable at a Bank.


Boston, January 8, 1851. Six months after date, for value received, we promise to pay Henry Reed, or order, Two Hundred Dollars, at the People's Bank, Boston. JOHN DOE,


No. 82.-Negotiable Note payable in Merchandise.

$ 300::

Philadelphia, Sept. 12, 1850. Sixty Days after date, for value received, I promise to pay without defalcation, to John Jones, or order, Three Hundred Dollars, in merchantable wheat at the current price.


“ Without defalcation" are inserted in notes drawn in Pennsylvania and New Jersey to protect them when due against any offset of the maker.

No. 83.-Negotiable Note on Demand.


New York, November 4, 1850. On demand, I promise to pay to the order of Martin H. Johnson, Four Hundred oth Dollars, o value received.


No. 84.-Note on Demand, with Interest from date,

not Negotiable.

$ 150::

Detroit, June 10th, 1850. On demand, I promise to pay to James Smith, One Hundred and Fifty Dollars, with interest from date, value received.



Due-bills are general informal notes, or memoranda, ac knowledging that a certain amount is due to the party to whom they are given. They are frequently given when money or merchandise has been temporarily borrowed, as an evidence of the fact.

No. 85.-Form of Due-Bill

New YORK, October 20, 1850. Wue RICHARD Roe, on demand, twenty-five dollars, value received.

JOHN DOE. This form may be varied in the same manner as a note, to express time, amount, kind of payment, and who paid to. The same is also true of orders.


An order is a written request by one person to another, to do an act for his own benefit or accommodation, or that of a third party. It has, of course, no value, unless the party to whom it is addressed is willing to perform the act desired.

No. 86.-Order for Money.

New YORK, November 10, 1850. Mr. Richard Roe will please pay to John Smith, or order, twenty-five dollars, on demand, and charge the same to the account of


No. 87.-Order to sell Merchandise.

Boston, November 12, 1850. PLEASE let Mr. THOMAS SHARPE have such merchandise as he may select, to the amount of one hundred dollars, and charge the same to the account of To RICHARD ROE.


No. 88.-Order to deliver Goods.

CHARLESTON, November 15, 1850. Mr. RICHARD Roe: Please deliver to DUNN BROWN, or bearer, the package of goods belonging to me, and oblige




A receipt is not conclusive evidence of payment, but it throws the burden of proof upon him who attempts to imreach it. For this reason, no prudent person will part with a receipt until the payment has actually been made. They may be either in full of all demands, for a special account, in part payment of an account, or for a special purpose. The arrangement of the wording of a receipt is not important, if the object and time be distinctly stated in it.

A general receipt in full of all demands is a discharge of all debts, except special debts under seal

No. 89.--Receipt in Full

Boston, June 15, 1850. Received of RICHARD Roe fifty-one dollars, in full of all demands up to this date.



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