700 MISCELLANEOUS INFORMATION. 



In order to hold an indorser, the holder of the note must present it to the 

 maker on the very day of its maturity (i.e. the third day of grace), demand 

 payment, and before the expiration of the next day notify the indorser that 

 the note has been presented for payment to the maker, and that payment has 

 been refused, and that he, the holder, looks to the indorser for payment. 

 The following form may be used : 



GRAND RAPIDS, March 4, 1871. 



Please to take notice that a promissory note of one hundred dollars, dated 

 December I, 1870, payable three months after date, made by John Dunn 

 and indorsed by you, has been duly presented by me, and payment demanded, 

 which was refused. I therefore look to you for payment of said note. 



Yours, etc., 

 To JAMES FINN. JOHN LUN. 



A carefully compared copy of the notice served should always be kept, in 

 order to make proof of the notice served, if it should become necessary. 



All negotiable notes have three days of grace ; that is, three days longer to 

 run than the time mentioned in the note. If a note is made payable January 

 ist, it is really not due until January 4th ; and that is the day for presentation 

 and demand, and the notice should be given the next day, unless the same 

 should be Sunday, when it may be given on Monday. 



If the third day of grace falls on Sunday, or a legal holiday, then the note 

 is due on the day before ; and if the day before is Sunday or a legal holiday, 

 then the note will mature on the first day of grace. 



The indorser may, at the time of making the indorsement, or afterwards, 

 waive demand on the maker and notice. 



The following form is sufficient : 



Presentation, demand, and notice of non-payment are hereby waived. 



JAMES FINN. 



In order to prevent the danger of failure to make the demand on the maker 

 of the note, and of not giving sufficient notice, it is always well to have the 

 indorser waive presentation, demand, and notice. 



If a note is payable at a particular place, it must be at such place at matur- 

 ity ; and if payable at a bank, should be left at the bank, where it will be 

 properly attended to. 



If an indorser does not wish to render himself liable, he can indorse as 

 follows : 



JAMES FINN, 

 Without recourse. 



Which means that the holder will have no recourse on him for payment. 

 This indorsement is sufficient to transfer the note, but does not render the in- 

 dorser liable for its payment. 



If a party indorses a note payable to bearer, before the delivery of the note 

 to the payee, he is liable the same as the maker. 



