RULES OF BUSINESS 319 



the certificate. Generally, persons holding certificates 

 of deposit are not allowed to draw a check for all or 

 part of it. 



Receipt. A receipt is a written acknowledgment of 

 having received a specified value, with the date, source 

 of receipt, signature of the party that received the value, 

 and such other particulars as may be necessary to make 

 it plain and unquestionable. 



NOTES 



Note. A note is an absolute promise, in writing, to 

 pay on a certain date, or on demand, a specified sum of 

 money to a person named therein, or to his order, or 

 to the bearer, and is signed by the maker. 



Joint Note. A joint note is one signed by two or more 

 parties and reading, "We promise to pay." It is sup- 

 posed that each party to the note has been equally 

 benefited; therefore, only his proportionate share can be 

 collected from each. 



A joint-and-several note reads, "We jointly and seve- 

 rally promise to pay." In this form of note, the makers 

 are united in the obligation, and the payee can collect 

 from all the makers together, or the entire face of the 

 note from any one of them, if he is worth that amount. 



Protests. Have all the notes in your favor made pay- 

 able at a bank; then, a few days before they become 

 due, if not previously discounted, deposit them for collec- 

 tion. The bank will then see that they are properly 

 presented when due, and will protest if not paid. 



Protesting is a formal statement made by a notary 

 public that the paper was presented for payment and 

 payment refused. A notice of protest is sent to the 

 maker and to each indorser. If there are indorsers and 

 no protest is made, the indorsers in some states, are 

 released. When there are no indorsers, it is quite com- 

 mon to waive protest by writing on the back of such 

 paper "Protest Waived.** 



