RULES OF BUSINESS 317 



"Value received" is usually written in a note, and 

 should be, but it is not necessary. If not written it is 

 presumed by the law or may be supplied by proof. 



The maker of an "accommodation" bill or note (one 

 for which he has received no consideration) having lent 

 his name or credit for the benefit of the holder, is not 

 bound to the person accommodated, but is bound to all 

 other parties, precisely as if there were a good con- 

 sideration. 



No consideration is sufficient in law if it be illegal in 

 its nature. 



Checks or drafts must be presented for payment with- 

 out unreasonable delay. 



An indorsee has a right of action against all whose 

 names were on the bill when he received it. 



If the letter containing a protest of non-payment be 

 put into the post office, any miscarriage does uot affect 

 the party giving notice. 



Notice of protest may be sent either to the place of 

 business or residence of the party notified. 



CHECKS 



How to Draw Checks. A check is merely an order for 

 a bank to pay a stipulated sum of money to the person 

 whose name appears on the check, from the funds of the 

 drawer of the check. 



Checks may be made payable either to order or bearer. 

 In the former case, the payee should be known to the 

 proper bank officials, and must indorse the check before 

 the money is paid. In case the check reads "pay to- 

 bearer," any one holding the check should indorse it, 

 and if he is known to the bank, he is entitled to present 

 it and receive the money stipulated. 



Every person who writes a check should be very care- 

 ful to protect himself against dishonest intentions of the 

 person to whom the check is issued. A check should 

 always be written with pen and ink. Never use a lead 



