188

been made, unless they provide for interest from date on their face; they then draw the legal rate of interest of the State.

If "with interest" is included in the note, it draws the legal rate of the State where it is given, from the time it is made.

If the note is to draw a special rate of interest higher than the legal, but not higher than the law allows, the rate must be specified.

If the note is made payable to a person or order, to a person or bearer, to a person or his assigns, or to the cashier of an incorporated company or order, such notes are negotiable.

When transferring the note, the indorser frees himself from responsibility, so far as the payment is concerned, by writing on the back, above his name, "Without recourse to me in any event."* When a note is made payable at a definite period after date, three days beyond the time expressed on the face of the note (called days of grace) are allowed to the person who is to pay the same, within which to make such payment. Notes payable on demand are not entitled to days of grace.

*

If a note is payable at a bank, and is held there on the day upon which it falls due, until the usual hour for closing, ready for receiving payment thereon, no further demand upon the maker is necessary, in order to charge the indorser. The demand must, in all cases, be made upon the last of the days of grace; a demand

*Banks usually charge interest on Days of Grace.

before that time passing for nothing as against the indorser.

The days of grace, which must be computed according to the laws of the State where the note is payable, are to be reckoned exclusive of the day when the note would otherwise become due, and without deduction for Sundays or holidays; in which latter case, by special enactments in most of the States, notes are deemed to become due upon the secular day next preceding such days. Thus, a note, due upon the twenty-fifth day of December, is payable on the twenty-fourth, as the day when due is Christmas day; if the twenty-fourth chance to be Sunday, it is due upon the twenty-third.

In order to charge an indorser, the note, if payable at a particular place, must be presented for payment at the place upon the very day it becomes due; if no place of payment be named, it must be presented, either to the maker personally, or at his place of business, during business hours, or at his dwelling house, within reasonable hours; if payable by a firm, a presentment may be made to either of the partners, or at the firm's place of business; if given by several persons jointly, not partners, the demand must be made upon all. If the note has been lost, mislaid, or destroyed, the holder must still make a regular and formal demand, offering the party, at the same time, a sufficient indemnity in the event of his paying the same.

Know all Men by these Presents, That we, the subscribers, are justly indebted to The Merchants' Savings, Loan and Trust Co., of Chicago, upon a certain Promissory Note, bearing even date herewith, for the sum of Nine Hundred, Ninety-Nine and 99-100 dollars, with interest at the rate of ten per cent. per annum, after due, and payable ninety days

after date.

Now, therefore, in consideration of the premises, we do hereby make, constitute and appoint Wm. H. King, or any Attorney of any Court of Record, to be our true and lawful Attorney, irrevocably, for us and in our names, place and stead, to appear in any Court of Record, in term time or vacation, in any State or Territory of the United States, at any time before or after said note becomes due, to waive the service of process, and confess a judgment in favor of The Merchants' Savings, Loan and Trust Co., of Chicago, or its assign or assigns, upon the said Note, for the amount thereof, and interest, together with costs, and ten dollars Attorney's fees, and also to file a cognovit for the amount thereof, with an agreement therein that no writ of error or appeal shall be prosecuted upon the judgment entered by virtue hereof, nor any bills in equity filed to interfere in any manner with the operation of said judgment, and to release all errors that may intervene in the entering up of such judg ment, or issuing the execution thereon; and also to waive all benefit or advantage to which we may be entitled by virtue of any Homestead or other exemption law now or hereafter in force, in this or any other State or Territory, where judgment may be entered by virtue hereof. Hereby ratifying and confirming all that our said attorney may do by virtue hereof.

Witness our hands and seals this first day of October, A. D. 188.

$100 $

50

INDIANAPOLIS, IND., March 1, 18—. On demand for value received, I promise to pay Clinton Briggs, or order, One Hundred and 50-100 dollars, with interest; payable without any relief whatever from valuation or appraisement.

DANIEL BURLINGAME.

Form of Guarantee.

For and in consideration of One Dollar, to me paid by H. B. Claflin & Co., of New York, who, at my request, purpose opening a credit with John Smith, of Aurora, Ill., I do hereby guarantee the payment to H. B. Claflin & Co., their successors and assigns, of all indebtedness which said John Smith has incurred or may incur for goods and merchandise sold to him, or delivered at his request, by said H. B. Claflin & Co., their successors and assigns, upon credit or for cash, or on note, or otherwise, without requiring any notice in respect thereto.

This guarantee to be open and continuing, covering all interest on any such indebtedness, and also any costs and expenses which may be incurred by H. B. Claflin & Co., their successors and assigns, in collecting.

Further, it shall remain in full force until revoked by a written notice from me, provided, however, that my liability hereunder for pur chases made shall not at any time exceed $5,000.

Payable in Flour.

KALAMAZOO, MICH., Feb. 1, 18—,

Due on demand, to Sanford Burton, Four Hundred dollars, in Flour at the market value when delivered. Value received.

CHAS, H WALKER.

Pavable in Money and Merchandise.

MURRAY SIMPSON,

Note Payable in Merchandise.

Custer, Vr., Ju'v 14, 18—

FOT SUM TER r before the first day of October next, we Fame ? y ERPAQL or order, Fitheen Hundred dollars, in Fuck De West at our warehouse in thes city, at the MESSE the thiest a de am

ARMSTRONG & PHELPS

191

Arizona

.8... Forfeiture of entire interest Montana.. ......10 Nebraska....... 7 7

..10... Forfeiture of prin'l and int. Nevada ...

. Any rate. ... Any rate. 6...

....

12... Forfeiture of interest. .6....Forfeiture of principal. .10.... Forfeture of entire interest. .10.....Forfeiture of interest.

New Hampshire.6 New Jersey. .6 New Mexico.... 6 New York..... .6 North Carolina..6 Ohio....... .6... Ontario, Canada 6 Oregon..... .8 Pennsylvania ...6 Quebec, Can.....6

8....Forfeiture of excess of int. 18... For. 10 per cent of the debt. 7.... .Forfeiture of entire interest. ....8..... Forfeiture of excess of int. Rhode Island...6 .8..... Ten pr ct on entire contract. South Carolina.. 7 10....For. twice ex above 10 pr ct. Tennessee 6....Forfeiture of excess of int. Texas 8.... Forfeiture of entire interest. Utah Vermont....

...

....

.6

6

....

Any rate.

.10.... Ferfeiture of int. and costs. . Any rate.

.......6.... For. of thrice the ex. & costs. .6.... Forfeiture of int. and cost. 12. For. of excess of int. ..6*.....For. of excess of int. 6 . Forfeiture of entire int. 8....For. of ex. above 6 per cent. . Any rate.

.......

.......

...10....For. of principal and int.
...6.... Forfeiture of excess of int.
Any rate.
Any rate.

.......8.... Forfeiture of entire int. 6. For. of ex. int.

Any rate. 6....Forfeiture of excess of int. Virginia Any rate. Washington. 10..... Forfeiture of all interest. West Virginia....6 10.... Forfeiture of int. and cost. Wisconsin 10.... Ferfeiture of excess of int. Wyoming.... 8

.8....

. Forfeiture of entire interest.

.6.... Forfeiture of excess of int. ......6....For. of all interest.

..6

.......

6

.7

..Any rate.

6

.6*....Forfeiture of excess of int. 10.... Forfeiture of entire

int.

.....

12

+ Slander 6 months

1 Seals abolished.

Assault, 4 years

88 In certain courts, 20 years.

Store accounts, 2 years.

II Store accounts, 3 years.

the interest, at any rate, on any amount of money, can be almost instantly computed.