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Updated: May 23, 2025
By writing your name across the back of another man's note you announce to all the holders of that note that you know the maker and that if he does not pay it you will. In most states the indorser of a note cannot be held responsible for payment, unless the holder notifies him, within twenty-four hours after the note comes due, that the maker cannot or will not pay.
"You cheated me out of a thousand dollars, by giving me an indorser you knew wasn't worth a dollar." "But I meant to pay you. I pay my debts. I appeal to Captain Patterdale to say whether I do or not." "I think you do when it is for your interest to do so, or when you can't help it," added the good nabob, candidly. "I suppose you know Mr. Laud Cavendish, captain?"
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.
Joel Doe and Richard Roe came arm in arm, accompanied by a Man of Straw, a fictitious indorser, and several persons who had no existence except as voters in closely contested elections. The celebrated Seatsfield, who now entered, was at first supposed to belong to the same brotherhood, until he made it apparent that he was a real man of flesh and blood and had his earthly domicile in Germany.
"May I be hanged myself," exclaimed Dominicus Pike aloud, on reaching the top of a lonely hill, "if I'll believe old Higginbotham is unhanged till I see him with my own eyes, and hear it from his own mouth! And as he's a real shaver, I'll have the minister or some other responsible man for an indorser."
Burr demanded so broad a retraction from Hamilton of all he might have said, that compliance was impossible. It was an attempt to procure an indorsement of his character at the cost of the moral character of the indorser.
But if, unable to sustain the character his credentials ascribe to him, he immediately begin to display bad manners, ignorance, and folly, he not only forfeits the position to which he has gained accidental access, but also brings discredit upon his too hasty indorser. In literature it is not different.
When the bill is accepted, the acceptor is debtor to the person to whom the bill is payable, or in his right to every indorser; for a bill of exchange is in this case different from a bond, namely, that the right of action is transferable by indorsement, and every indorser has a right to sue the acceptor in his own name, and can transfer that right to another; whereas in a bond, though it be given to me by assignment, I must sue in the name of the first person to whom the bond is payable, and he may at any time discharge the bond, notwithstanding my assignment.
In the protest formal objection is made against the breaking of the promise, and demanding that the matter be set right by the maker, or on his failure, by the indorser. The indorser, who has to pay, has a claim for the amount on the maker of the note, as he would have for money loaned or goods sold, and he can sue to collect. A note that is not paid within a fixed time is said to be "outlawed."
On looking over our bills receivable, then about six hundred thousand dollars, I found Meiggs, as principal or indorser, owed us about eighty thousand dollars all, however, secured by city warrants; still, he kept bank accounts elsewhere, and was generally a borrower.
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