The post. [volume] (Middleburg, Snyder County, Pa.) 1864-1883, 1870-07-07

prcmi~spry untc il that IL must bc
pnvnb'o in money alone II made
payable in any kind at property. it
viii not hc negotiable instrument
although il may Be valid contract
nni which may be enforced BY an ac.
ton.
And a note may be made PAYABLE in
money alo1c. aul yet contain clause
which will rcndcr I, non-nccotiablr.
For instance, whcrc the maker rrrmi-
scs tp pay certain sum Of money al,
= time crrtaln, and also to perform
'nm' other act, the note i, not ne 90.
table
The last requisite to = negotiable
prom'snry notG i that it must hc
made payable absolutely at time ccr
tain. IT the payment Of the money
hc contingent upon some event which
may never happen, "A whore Il maker
promises - pay II specified sum when
ho shall have realized it from the
prncccls ct some fund or the sale oi
some article, the note is not ncgot'a-
blc. But where the payment i, made
10 depend npon IN event which i,
certain to occur. \ note may com
tain IN attentive clause %, Ia the
time r'yahl" anI Ice nueo'iablc The
lul'owius Form Is sometimes used to
catch the unwarv:
Nrrr'gLo, y. Y. Feb -. 1850.
Hor value received ! promise to pay
In Cutcrbar, or bearer, one hun
Grcl dollars six month- after date.
un'cSs said sum shah w. sooner
realized from the sale of smith,
Patent CruYbar.r :. s :.
SlO1
Sach an instrument Is absolute
promise to pay a SUM Of money at u
tlmc certain, and the quoted clause
hts no effect upon the legality Of the
instrument, and yet many farmer H.
the western counties of thi, State has
been hnmtnsgcI by just such written
promises. The words "yaluc re-
ccIyei' are usually contained in nc.o-
TABLE promi-'ory notes. These words
are absolutely essential to their valid
,lty. The effect of omitting them is to
throw the burden Of proving valua-
bic consideration on the holder in case
Of II trial hcnco it is best that every
note should contain them.
Bogus p"tcn;-right men often take
q negotiable prrmi,-ory note from a
party on the sale of "tcrr,tory". aul
give back an agreement 10 the effect
that If hr does not sell enough Of th,
pl;cn,ci orticlc before the note c1mcs
due, ;hcy vii! buy back at the slmo
price he gave. This might hc well
enough il the original paycc held the
note at its maturity, But somehow
he never does, and the maker has to
pay il when due, or be- la,hcd with
costs. \ knowledge OF the above rule
explains it all. Their frs, object is to
get the note, and their next to sell it
when it becomes due.
An cXpodicnt this class Of mcn use
is to procure III, signature of a party
to y blank note by representing TO him
that they merely want bis address,
The defence Of forgery has been sue
ccss'ul'y set up in some instances
against notes given 10 this manner. |,
/ is best, however, TO be chary OF your
autograph when you SEQ anything
printed above it, unless you clearly
understand its meaning and are will
ing to b. bound by it.
I'm eniorSer may, by si Ining his
name on the back Of negotiable
promissary note with the words, with
out rccourcc, protect himself from any
liability on the instrument. Unless
he uses these words, or words of the
same import, lie contracts with the
holder that, 10 ease the maker fails to
pay the note when it becomes due.
and he, the endorser, is promptly no.
tilted of that fact, he, tho endorscr,
will pay it. Omission to give notice
Of non-p1yment to the cndorscr re-
leases him so, where "A party holds an
endorsed note, aud Intends to make
the cnaorscr liable, he must give him
prompt notice Of the makers default
of payment. Notice Of nou-paymcnt
to an cnloracr may be verbal, but for
certainty Of evidence written notice is
preferable
In regard to married womcH's notes
we drop few words by common
law they were void. In most of thu
States of the Union, however. statutes
having been passed giving married wa.
men the same rights in regard to their
seperate estates that they would have
il single, A married woman's ncGb-
table promissory note under these
statutes. when given for the benefit OF
her seperate estate, is valid, but il
must BE- for this purpose and no other
1t should contain a clause showing
her intention to bind her seperatc es-
tate somewhat similar to the follow
ing:
"And l hereby pledge my sole and
separate estate TOR the payment here
Of" But this clause will be of M
avail unless the debt for which tn,
note is given was actually contracted
for, or in connection with, her scpa
rate estate. Such note in New
Yoik, at least, will not be valid wher
given for husbands debt.
The misfortune of tho holder of |
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