PROMISSORY NOTES. 699 



A promissory note is a written promise to pay a certain sum of money, at 

 a future time, unconditionally. 



A note may be payable at a particular place, as in numbers 6, 7, and 8 ; or 

 may be payable to the payee simply, as in I and 2. 



In a joint and several note, like No. 7, the makers are liable jointly or sev- 

 erally ; that is, the holder may sue both the makers in one suit ; or, if he 

 choose, may sue one of them alone, each maker being liable to pay the whole 

 amount to the payee ; but payment by one satisfies the debt, and it cannot be 

 twice collected. In No. 4, the makers are jointly liable, and cannot be sued 

 separately. A note signed by more than one person, but using the singular 

 number in the body of the note (as, I promise to pay), is a joint and several 

 note ; while one using the plural number (as, we promise to pay) is a joint 

 note. 



It is always desirable for a farmer to have the notes he gives payable at a 

 place designated, as the holder may not at the time of maturity of the note be 

 known to the maker, and he may be put to the expenses of a suit, as suit may 

 be brought without previous notice. 



INDORSEMENT is simply writing the name of the payee, with or without 

 other words, across the back of the note. 



There are two kinds : 



First, Blank indorsement, in which the payee writes his name and nothing 

 else; as, "James Finn." 



Second, Where the payee indorses it to some person called the indorsee ; 

 as, 



Pay to the order of John Lun, 



JAMES FINN. 



In the first place, the blank indorsement makes the note payable to the 

 holder, and it may, after indorsement, be transferred, like a note payable to 

 bearer. 



In the second place, the indorsee must again indorse it, if he desires to 

 transfer it. 



Indorsers are liable in the order in which they indorse ; the first is liable 

 to the second, the second to the third, etc. 



A note given for patent right is as collectible as though given for any other 

 consideration. 



The chattel note may be made payable to order, and may call for so much 

 money payable in wheat, at a certain price named, or at current prices, etc. 



Neither Nff. 9 nor No. 10 is negotiable. They may be assigned like any 

 other contract, and made payable at a particular place. If assigned, the pur- 

 chaser gets no greater right than the assignor, and if there is any fraud or 

 want of consideration, which would render the note void in the hands of the 

 original payee, it is equally void in the hands of the purchaser, even though 

 he purchased in good faith, with no notice of the fraud. 



Any material alteration of any note, after it passes out of the hands of 

 the maker, renders it void. 



The liability of an indorser is not absolute. 



