Question 427.— A joint and several note made by three parties is drawn in favour of a bank, but there are no words indicating that it is payable to its order or to bearer. The note is dated at the place where issued, but no place of payment is specified in it.

In the event of the bank having to sue the parties, is its position quite as good as if the note had been made payable at its office, and to its order ?

Answer.—The bank is under no disadvantage as regards the place of payment, except in respect to the matters mentioned in sec. 86 of the Act, and this can be obviated by presenting the bill, at any time before proceedings are taken, to each of the promissors.

The point as to the omission of the words "or order" or " or bearer " is not material. Under sec. 8, sub-sec. 4, a note drawn as above described is payable to order.