445 Promissory Note with a Memorandum Embodied therein, of the Purpose
Description
This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
445 Promissory Note with a Memorandum Embodied therein, of the Purpose
for which it was Given—Negotiability.
Question 454.— A promissory note bears (1) on one corner the words " To be used as collateral security."
(2) In the body the words " To cover 50 per cent. of my subscribed stock in the above company."
Do either of these affect the negotiability of the note?
Answer.—We think that this is a promissory note notwithstanding the inclusion of either or both these phrases,
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