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Note Payable To Order "Only." |
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Free Books / Finance / Canadian Banking Practice / | |
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Note Payable To Order "Only." |
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This section is from the book "Canadian Banking Practice", by John T. P. Knight.
This section is from the "" book, by .
Question 11. - We have just seen a note payable to the order of W. E. Davis, only. Is the note legally drawn and negotiable?
Answer. - Such a note is legally drawn and negotiable. The word "only" in this instance is superfluous as the note being payable to the order of W. E. Davis becomes negotiable when endorsed by him. Had the note been drawn "I promise to pay W. E. Davis only" it would not be negotiable.
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banking, cash, money, receipts, signature, cheque, banker, bills, debts, bank draft, bank money order, bank notes, attorney, payment, borrowing, corporation, collections, liability, deposit, business, deceased, endorsement, rules, security, guarantee, identification, insurance, loan, stock, wire, transfer
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