River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1913-06-05

fault of failing to read what he
signed. In his case he actually
signed a note. Of course, neither
the Reverend" nor his copfeder-
ates could have collected from the
McGoortys, but they had negotiated
the note at the bank, which, having
nothing to arouse its suspicious
and knowing McGoorty's sigma
ture, purchased it for full value,
where upon the Reverend and
his friends moved on to try their
scheme in virgin soil, taking care
to be we'll away when the notes fell
due. Where one of two innocent
persons must suffer, the law takes
the view that the one who by his
carelessness made the fraud poss-
ible must foot the bill. A similar
result followed in the case of
Clarence Tucker, who purchased
and accepted barrel of medicated
calf meal, giving for $40 therefor.
rel proved filled with sawdust, but
by that time the bank had pur-
chased the note and the agent had
vanished. Tucker was legally bound
to pay the note. The vendor of the
meal could not have recovered
the sum, but again the quality of
negotiability protected the innocent
purchaser, and the man who signed
the note had to pay it. He had
singed a note and it having come
into the hands of an innocent third
party in due course of business, his
liability was settled.
So when you sign promissory
note, drawn in the familiar form
sixty days after date, for value
received, l promise to pay to the
of order of John Doe, the sum of
One hundred dollars with interest at
six per cent annum-remember that
it is negotiable and is a great deal
like money in that it may be freely
passed from hand to hand by
simple Endorsement on the back,
and the man who comes by it hon.
estly has full rights against the
,0arc0~ rr,L0 SLOWS ~
In order to possess his quality of
negotiability, to be able TO pass from
one to another by simple indorse.
ment, giving to the person receiving
it these superior rights-a note
must conform to certain legal re-
quirement. These are stated in the
Negotiable Instruments Law, a
uniform act which has been adop-
ted in similar form by practically all
of the states. In genenal the note
must be in writing and signed by
by the maker. Writing in its legal
sense includes printing, Autographs
etc.; and the signature may be an
abbreviation or a mark" Furth-
er, to be negotiable it must contain
an unconditional promise to pay a
certain sum in money There must
be no ''if" about the promise to pay.
Also it must be to pay money an d
not potatoes or nails. If you are
having the house shingled and
want to prevent the negotiating OF
a note you may give so that no one
may secure from it better rights
than the carpenter to whom you
give it, you may do so by stating in
the note that you promise to pay
upon condition that the barn is
shingled in accordance with the
agreement.
To be negotiable note must
be payable on demand, or at q
fixed or determinable future time,
Naming future date for payment,
of course fixes the time. So, too,
it is regarded as a fixed time if pay.
ment is to be made at the happen.
ing of an event that is certain to
occur. Sixty days from date is q
determinable furture time. Further
it must be payable to order or 10
bearer, these words of negotiability
being necessary that the in stru-
ment may possess that quality. Sc
notes are written pay to the order
of John Smith" and not just pay
to John Smith
I A note lacking the above require.
ments of negotiability may still be
good contract enforceable between