8 LEGAL INSTRUCTOR. 



endorse it to another, he then acquires two characters, 

 that of first endorsee, and second endorser, and the one 

 to whom he thus transfers the bill, is called a second 

 endorsee; and so throughout any number of endorse- 

 ments without hmitation, 



Bills are divided into Foreign Bills of Exchange, and 

 inland Bills of Exchange. 



A Bill of exchange is properly denominated a foreign 

 Bill, when it is drawn in one state or country upon a 

 foreign state or country. 



So, also, Bills drawn upon one State of the Ignited 

 States on persons i« another, are considered as foreign 

 Bills of Exchange. 



A Bill of Exchange is properly denominated an inland 

 bill, when both the drawer and the drawee reside in the 

 same stale or country. 



A PROMISSORY NOTE 



Is a less complicated kind of security, and may be de- 

 fined to be an engagement in writing, to pay a certain 

 sum of money mentioned in it, to a person named, or to 

 the bearer at large. 



Promissory Notes, made payable to order, may be as- 

 ^gned and endorsed, and action maintained thereon as 

 on inland bills of exchange. 



The signer of a Promissory Note is called the maker ; 

 whoever has the legal property in the instrument is 

 called the holder ; and the characters of first and second 

 endorsers and endorsees may be created and continued 

 to an unlimited extent, as in a Bill of Exchange. 



