A promissory note is a written promise to pay a specified sum of money at a designated time, both of which are stated in the body of the note.

The holder is the person who is in lawful possession of a note, whether he is the original payee or has received the note by indorsement.

Promissory notes are divided, in common usage, into three principal kinds: Individual Notes, Joint Notes, Joint-and-several Notes. Any of these notes may be either negotiable or non-negotiable.

An Individual Note is one signed by a single person.

$240 00/100. Chicago, Ill., May 11, 1901.

On demand, we promise to pay to the order of Samuel Barclay, at his office, Two Hundred Forty 60/100 Dollars, value received. Henry Ambrose,

Walter Williams.

A Joint Note is one signed by two or more persons who are together responsible for its payment, share and share alike.

A Joint-and-several Note is one signed by two or more persons, all of whom together, or any one of whom separately, may be held for the whole amount. The words, We jointly and severally promise, which are found in this note, are equivalent to We together and separately promise. Accordingly, when such a note matures, if all the signers are able to pay, they contribute share and share alike; while if one or more cannot pay, the whole amount is paid by the remaining one or more.

$851 60/100. Salem, N.f.,Jan. 13, 1901.

Three months after date, for value received, we jointly and severally promise to pay William Johns or order, at the Second National Bank, Eight Hnndred Fifty-one 60/100 Dollars, with interest.

Henry Swartz. Levi Douglass.

A note is made negotiable, that is saleable, by making it payable to a person, or

No. 114 Amt. $1300 $1300 00/100. Nyack, N. K, Mch. 13, 1901.

T0 Alfred Sidney

Three months after date, for value received, I For On ac. promise to pay to the order of Alfred Sidney at the

............................................................................... Merchants' National Bank, Thirteen Hundred 00/100

Payable Merchants' N. Bank

Time 3mos.__ Wm. B. White.

No. 114. Due June 13, 1901

A Promissory Note and stub, showing record of note. This record may also be kept in separate book for notes payable and receivable.

his order, or to his assigns, or to bearer, or to the cashier of a bank or incorporated company. A note so drawn may be negotiated, or used in payment to another person by the holder; but he must indorse his name on the back of the note. Should the drawer of the note fail to pay it, the holder looks to the person or persons who indorsed it for payment.

A note payable on a certain day is usually due three days later. These three days are called days of grace. Thus a note for one month, dated March 1st, need not be paid until April 4th, the last day of grace. Notes payable on demand are not entitled to any grace. Should the last day of grace fall upon Sunday or upon a legal holiday, it must be paid on the day previous. Thus a note due December 25th, must be paid on the 24th of that month.

A note made payable at a bank and held there for payment until the usual hour for closing, need not be presented to the drawer in person to bind the indorser. It may be protested as in the case of drafts, immediately upon the close of bank-hours. Payment must be immediately demanded of the indorser if he resides in the same place; if he is a non-resident he must be notified at once by letter.