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Accordingly, Meiggs went back with me to our bank, wrote his note for twenty-five thousand dollars, and secured it by mortgage on real estate and city warrants, and substituted the three acceptances of the Hamburg firm for the overplus. I surrendered to him all his former notes, except one for which he was indorser.
Only that! a crown in heaven; a promissory note and no indorser; always something away off yonder; not a word about the Archbishopric of Rouen, which was the thing Cauchon was destroying his soul for. A crown in heaven; it must have sounded like a sarcasm to him, after all his hard work. What should he do in heaven? he did not know anybody there.
This bond is to secure him against paying a second time. There are some things worth remembering about promissory notes. Never give one if you can pay cash. 2. A note made on Sunday is worthless in some states. 3. A note given under compulsion is worthless. 4. The holder of a note has a legal claim against every indorser. 7. Each indorser is responsible to every indorser who follows him. 8.
B, to whom it is addressed, is the drawee; C, to whom it is made payable, is the payee. As the bill is payable to C, or his order, he may, by indorsment, direct the bill to be paid to D; in which case C becomes the indorser, and D, to whom the bill is indorsed, is called the indorsee or holder.
Remember the indorser of a note must be notified within twenty- four hours of the failure of the drawer to make good. The object in protesting a note is to fix the liability on the endorser. If there be more than one endorser notice of protest must be sent to all at the same time. It is better, where possible, to serve the notices on the indorsers in person. The payee must also be notified.
"Well, dear me, John! I don't see any thing in this letter. If they have failed, I don't see what that is to you!" "But, Lillie, I am indorser for them." "How very silly of you, John! What made you indorse for them? Now that is too bad; it just makes me perfectly miserable to think of such things. I know I should not have done so; but I don't see why you need pay it. It is their business, anyhow."
Live and let your indorser learn. The further you get into the world the less time you have for poetry, philosophy and sentiment. The doctor is a man whom we don't want to do any business with. You seldom meet an enthusiast who is not a crank also. Individually, dimensions are determined by the proportions of the observer. The modern attitude is a contempt for economy. Conservation is a bugbear.
Now if any holder or indorsee wishes it paid to any particular person, he fills up the blank by writing a request to that effect above the name of the indorser, thus: "Pay to George Bruce," or "Pay to George Bruce or order;" who, again, may by indorsement order it paid to some particular person.
About one and a half per cent. a month, I think; he may want one and three quarters, or two per cent, not more." Mr. Stearine hoped his friend would obtain as favorable terms as he could. "You'll have no trouble in meeting the larger note due, Bullion, on which I am indorser?" said Sandford. "None at all, I think," was the reply.
If a person simply writes his name on the back, he is liable as indorser only. If he guarantees "the payment of the note," he is generally considered liable as an original promisor. If he guaranties the note "good," or "collectable," the maker, and the indorsers also, if any, must be sued, before the guarantor is liable.
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