782 THE HOME, FARM AND BUSINESS CYCLOPEDIA. 



NOTES AND BILLS OF EXCHANGE. 



Notes are, as a rule, entitled to three days' grace that is, the note is 

 not payable till the third day after the day expressed for its payment. 

 Notes made payable " on demand " are not entitled to grace. 



In the following cases there are no days of grace : 



1. Bills of exchange or drafts, payable at sight at any place within the 

 Dominion shall be deemed due and shall be payable on presentation, with- 

 out the allowance of any days' grace. 



2. Checks, bills of exchange or drafts appearing on their face to have been 

 drawn upon any bank, or banking association, or banker, carrying on 

 banking business under the act to authorize the business of banking, 

 which are on their face payable on any specified day, or in any number of 

 days after the date or sight thereof, shall be deemed due and payable on 

 the day mentioned for payment of same without any days of grace being 

 allowed nor shall it be necessary to protest the same for non-acceptance. 



When the last of the days of grace falls on Sundoy, or any leading pub- 

 lic holiday when general business is suspended, the presentment for pay- 

 ment must be made on the Saturday preceding the Sunday, or the day pre- 

 ceding the holiday. 



As a general rule, the note or bill must be presented for payment on 

 the last of the days of grace, and the drawers and endorsers must be noti- 

 fied of non-payment not later than the following day. 



Notes and bills, when made payable to or at any person's order and en- 

 dorsed in blank, pass by delivery. 



The words " value received," though ordinarily used, are not indispen- 

 sable, as value is held to be implied. 



Notes do not bear interest except when it is so stated. After maturity 

 all notes bear legal interest. 



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

 name. 



A promissory note given by a minor is void. 



The indorser of an accommodation is a surety for the maker, and he is 

 liable to the costs of collection that may be brought against such maker 

 or indorser. 



Any promise to pay, without specifying the time of payment, is equiva- 

 lent to a promise to pay on demand. 



