Drawing a Note 219 



In such a note the essential things are the 

 date, the amount, length of time, the signa- 

 ture, the admission that it is given for value 

 received, and whether payable to "bearer" or 

 to the "order" of some one. The things de- 

 sirable, but not necessary, to its validity, are 

 place of payment 'and whether with interest. 

 Where the words "with interest" are used the 

 law presumes it to be the legal rate in the state 

 hi which the contract is made; and if a lesser 

 rate is contemplated it should be so stated, as, 

 for example, "with interest at four per cent." 



By far the safest kind of note for the ordi- 

 nary business man, removed from a banking 

 center, to take is the "joint and several" note, 

 where, instead of becoming an endorser, the third 

 person obligated becomes a party to the note. 



There is practically no difference as to liabil- 

 ity, whichever phraseology in the following form 

 of note is adopted: 



$500. ITHACA, N. Y., July l, 1901. 



One year after date, for value received, I (or we, or 



either of us) promise to pay to John Doe, or order, the 



sum of Five Hundred Dollars ($500) 



with interest. (Signed) RICHARD ROE. 



JAMES SMITH. 



In other words, whether- the note says, " I 

 promise to pay," or, "We or either of us promise 



