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Updated: May 23, 2025
The obligation of one indorser is not impaired, because another man equally with himself is bound for payment If a child grows up in ignorance and vice, while God will undoubtedly hold the parent responsible, he will also not hold the community guiltless. Both parties will be guilty before him, both parties will be punished.
If, before it came to the person who presents it to the acceptor for payment, it had passed through the hands of several other persons, who had successively advanced to one another the contents of it, either in money or goods, and who, to express that each of them had in his turn received those contents, had all of them in their order indorsed, that is, written their names upon the back of the bill; each indorser becomes in his turn liable to the owner of the bill for those contents, and, if he fails to pay, he becomes too, from that moment, a bankrupt.
To hold the indorser of a note responsible, payment must be demanded of the maker on the last day of grace. As to the time of day when the demand should be made, it is considered that the maker is entitled to the latest convenient time within the customary business hours of the place where the note is presented.
If payment has been demanded and refused, notice thereof must be given to the indorser; and one entire day is allowed the holder to give the notice. If the demand is made on Saturday, it is sufficient to give notice on Monday.
One morning, when he received by mail the tidings of the failure of the great house of Clapham & Co., he knew that the time had come when the thing could no longer be staved off. He was an indorser to a large amount on the paper of this house; and the crisis was inevitable.
The captain told him he would lend him the money if Hasbrook would give him a good indorser on the paper. After the captain had parted with the money, he ascertained that the indorser was not worth a dollar. Hasbrook had told him the name was that of a rich farmer, and of course the captain was mad. He tried to get back his money, for he knew Hasbrook never paid anything if he could help it.
But the kind of liability incurred, whether that of indorser, original promisor, or surety, by indorsing a note or guarantying payment, is not the same in all the states. There are sundry other points in the law relating to promissory notes, on which the statutes and judicial decisions are not uniform in all the states. Bills of Exchange; Interest; Usury.
This form of bill does not represent goods or other value received, and the first indorser pays the amount named for the obliging person who accepts it. This species of fraud is tolerated because it is impossible to detect it, and, moreover, it is an imaginary fraud which only becomes real if payment is ultimately refused.
Brother Paul's answer to indorser and detractor alike was to buy up more radiotime. No one doubted the government would at length awaken from its apathy and counter the menace swiftly and efficiently, as always before in crises when the country was threatened.
By and by a great excitement was apparent on the platform, when it came to light that the apologist and indorser of the good people here was declaring that a leather strap had been purloined from his trunk, between the hotel and the depot, and the contents of his hat-box abstracted. What was to be done?
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