The Montgomery advertiser., 1907-03-10
Answers To Questions About Joint Notes, ConecfIng Payments, Dis- counting Notes, Iadorsing Notes, Borrowing at the Bank, Etc.
BY KATHERINE LOUISE SMITH.

BY KATHERINE LOUISE SMITH Copyright, 1907, by Joseph B. Bowles) A promissory note is a written en- gagement by one person to pay an- other therein named. absolutely or un- conditionally, a certain sum of money at time specified. This is the legal definition of a promissory note. In reality the simplest form of written ac- knowledgement of a loan of money due is a promissory note and as it Is a species of paper one should always un- derstand and hesitate before signing, 1t is we'll for a woman to comprehend the exact meaning and the obligations involved. It Is an easy matter to sign ones name to such a paper, but the consequences such an act involves may not be so readily fulfilled.
 Of course, the principal purpose se- cured by promissory note is on the part of the borrower, the obtaining of money and postponement of payment until later time. which is agreed up-. on. The lender. on his side, ob- tains written evidence of the debt, which is important not alone to bind the debtor, but because memories are treacherous and death sometimes inter- venes He also obtains written evil dence of an obligation which must be paid or the note will be dishonored. The usual form of a promissory note is as follows:
 Chicago, Dec 1, 1906.
 "On demand Cor -- days after date, or -- 19-), promise to pay to the or- der of Jane Doe, - dollars, with in- terest, for value received.
 "$
 RACHEL ROB-" Many rules applicable for checks hold good in notes For instance, the To fA ten. In writing the amount of the note one should commence at the extreme Hrt If the blank and draw a line be- tween the amount written. and the word dollars" Notes should also be made payable Ito order" Other re- quirements are that the rate of interest should be clearly expressed and that the post office address of each party should be given after the name Some place should be designated for payment. Usually this is a business house or bank. The maker" of a promissory note Is the person who gives it, and "the payee" Is the one. indicated as the recipient of the promised amount In some States fixed phrases sare required in the body of the note, such as without discount" but as a general rule that fact is understood. ~-z-.. A bank Is usually. the. best place to, designate for the payment of a note ana DlankS+ are provided Tor this pur- pose. The borrower may leave funds there and thus stop Interest or protest, in case she Is out of town on the date of payment. And the owner can leave 1t for collection before it comes due, and the bank will notofy the maker. In taking note from a party who cannot sign her name, the person should be requested to make her mark. For example:
 Her
 "ELIZABETH (X) MORRISON
 Mark
 witness to Mark:
 JANE WENTWORTH"
 Tn other words. Elizabeth Morrison has some one sign her name and she makes the mark. Jane Wentworth, who watches this proceeding, signs her name as witness. Tn some States two witnesses are required by law. % %&
 What is 8 joint ,note9i I have been. asked to- sign one and do not like to do so without understanding it."- Clara R.
 You are right not to sign any paper without understanding it's contents. A joint note Is one signed by two or more persons. Each thus becomes re- sponsible for the full amount in the body of the note.
 H e
 T hold mans not for $100. How