Question 418.— Under section 85 of Bills of Exchange Act it is provided that where a note payable on demand has been endorsed, and with the assent of the endorser delivered as a collateral or continuing security, it need not be presented for payment so long as it is held as security. Must this assent be in writing, or may it be by verbal understanding ?

Answer.—The assent may be written or verbal, but the latter would be open to practical objections in cases where the facts admitted of difference of opinion or dispute.