The Montgomery advertiser., 1907-01-27
Answers ts asestisn. About Joint Notes. CsnectinE Payments, !" Discou.tins Notes, Indor.-
 tnE Notes, Rorrowins at
 the Bank, Etc.

BY KATHERINE LOUISE SMITH. (Copyright, 1906. by Joseph B. Bowles.)
 A proniissory note is a written en- therein named, absolutely or upcondi- tionally. certain sum of money at a time specified. This is the legal defin- ftion of promissory note. In reality the simplest form of written acknowl- edgment of loan of money due, is a promissory note. and as it is species of paper one should always understand and hesitate before signing. it is well for woman to comprehend the exact meaning and the obligations involved. It Is an easy matter to sign ones name to such paper, but the consequences such an act involves may not be So readily fulfilled.
 Of courst, the principal purpose se- cured by a promissory note Is on the part of the borrower. the obtaining of money and postponement of payment until later time, which is agreed upon. 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 for a promissory note is as follows:
 Chicago. Ill. Dec. 1, 1906.
 "On demand Cor - days afer date. or months after date, or on the - the order .of Jane Doe. - dollars, with interest, for value received.
 $,.......
 RACHEL ROE."
 Many rules applicable for checks. hold good in notes. For instance, the date and amount must, oe plainly written. In writing the amount of the note one should commence at the extreme left of the blank and draw a line between the amount written and the word dol lars" Notes should also be made pay able ito order Other requirements 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 1t and the payee" Is the one indicated as the recipient of the promised amount. In some States fixed phrases are re- quired in the body of the note. such as without discount" but as a gem eral rule that fact is understood.
 A bank is. usually the best place to designate for the payment of a note and blanks are provided for 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 becomes due and the bank will notify the maker. Tn 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"
 In 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. In some States two witnesses are required by law.
 What is a joint note? have been asked to sign one and do not like to do so without understanding it." Clara R. You do right not to sign any paper without understanding its contents. A joint note is one signed by two or more persons. Each thus becomes re- body of the note. "I hold a mans note for s100. How shall credit his interest and pay ments ?"-Mrs. L. M. Baker. Write each time on the back under the date. the amount paid you and state if 1t is interest or a payment on the principal This is called an in dorsement of payment and should never be neglected. For instance, you might know that he had paid that amount. but if you died, your executor, seeing no endorsement on the back. might demand the amount again. Of course you understand that any amount paid above the interest is de- ducted from the face value when the note falls due or is taken up.
 How can I collect payment on a note given by a party who resides in