The contract of the maker of a promissory note is the simplest of all the various contracts of the different parties to bills of exchange or promissory notes. The maker of a note is the party primarily liable thereon, and his contract is to pay it according . to its tenor.2 When there are two or more makers to a note, their liability is joint or several according to the wording of the instrument.3 The maker of the negotiable promissory note, by making it, admits the existence of the payee, and his capacity to indorse the note.4

"Where the maker of a note draws it payable to a real person, and forges his indorsement, and puts the note into circulation, in an action by a bona fide holder against the maker proof of the indorsement is unnecessary; the maker will be estopped from saying it was not genuine."5

1 See Section 14.

2 Chalmers, Bills of Exchange, Art.

88; Walton vs. Mascoll, 13

M. & W., 452.

Am. & Eng. Ency. of Law Vo IV, p. 474.

4 Walke vs. Kuhne, 109 Ind., 313.

5 Meacher vs. Fort, 3 Hill L. (S.

Car.), 227.