The waiver of demand and notice after maturity presupposes that the indorser has already been released. For such a waiver there would seem to be no consideration, if it is gratuitous. But the question is: Is a waiver a contract? One set of courts replies to the question that demand and notice are but steps in the remedy, and may be waived at any time without any necessity for a consideration appearing.1 The other set of courts maintains that it is a contract, and, after maturity, must be supported by a consideration, or by a new and valid promise to pay, supported by a consideration.2 But all the courts admit that a waiver before maturity needs no consideration to support it.3 They do not find it necessary to seek out a consideration from the fact that the waiver has been acted upon, and hence the position of those courts which deny efficacy to a waiver after maturity has no support in their own reasoning.4 But an agent could not bind his principal by a waiver after maturity,5 unless he had express authority to waive,-or unless his act were ratified. A bankrupt in-dorser may waive demand and notice, prior to the choice of an assignee, either before or after maturity, and without consideration in those jurisdictions which do not require a consideration for a waiver after maturity.6

9 Van Norden v. Buckley, 5 CaL 283; Haskell v. Boardman, 90 Mass. 38 (here all the property was conveyed); Carlisle v. Hill, 16 Ala. 398. See Barton v. Baker, 1 S. & R 334.

10Tower v. Durell, 9 Mass. 332; Sanderson v. Sanderson, 20 Fla. 292; Carlisle v. Hill, 16 Ala. 398; Walters v. Munroe, 17, Md. 154; Peets v. Wilson, 19 La. 478; Moore v. Co-field. 1 Dev. 247; Swan v. Hodges, 3 Head, 251.

11 Denny v. Palmer, 5 Ired. 610. See Coddington v. Davis, 8 Denio, 16; Creamer v. Perry, 17 Pick. 332.

12See Ray v. Smith, 17 Wall. 411, and cases in note 3, and Second Nat. Bank v. Maguire, 33 Ohio St. 295; Woodbury v. Crum, 1 Biss. 284

13Brandt v. Mickle, 28 Md. 436.

14Selby v. Brinkley, 17 S. W. R 479. But see cases in notes 1,2 and 3, supra.