Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1914-12-29
BRIEF BUSINESS LAWS
Elementary Practice With Which all
Should be Familiar.

should be Familiar.
The maker Of note that is lost OF
stolen is not released from payment
II the amount and consideration car
be proved within six years from the
date Of the note.
Notes bear interest only when the
fact is stated.
Demand notes are payable on pre-.
sentation, without grace, and bear le.
gal interest after q demand has been
made, even II not 30 written.
In order to transfer negotiable
note 1t must be properly indorsed by
the person to whose order 1t is made
II the indorser wishes to avoid liability
he must indorse without recourse"
A joint note is one signed by two OF
more persons, any one Of whom may
become liable for the whole amount.
No grace is allowed In the majority
of states on time notes after the time
for payment expires. If such note Ia
not paid when due, the indorser should
be legally notified II 1t Is desired to
hold him.
AS a rule, notes falling due on Sun
day or on legal holiday, must be paid
the day following.
A note made on Sunday Is void. A
note may be dated ahead or back at
pleasure, provided that it is not done
for an illegal purpose.
Contracts made on Sunday cannot
be enforced.
Altering a note in any manner, by
the holder, makes 1t void. A note by
a minor Is void in some states, and In
others is voidable at the option Of the
minor.
A contract made with a minor, or a
lunatic, is voidable.
Notes made by intoxicated persons
are void, and notes obtained by fraud
cannot be collected unless they have
been transferred to an innocent third
party. It Is a fraud to conceal fraud.
Signatures made with a lead pencil
are good in law. The acts Of one part
ner in regard to partnership business
bind the others.
Principals are responsible for the
acts Of their agents done within the
scope of their employment.
Each individual in a partnership Ia
responsible for the whole amount OF
the debts of the firm, except in cases
of a special partnership. The word
Limited" indicates that there Is limi-
tation of liability for one or more OF
the partners.
Shareholders in a corporation are
not liable for the debts Of the corpora
ton; the creditors must look to the
corporation for payment.
A receipt for money Is not legally
conclusive, because evidence may be
produced to invalidate 1t.
The maker Of an Accommodation
bill or note Zone for which he receives
no consideration having lent his name
or credit for the benefit Of the holder,
is not bound to the person accommo-
dated, but Is bound to all other parties
precisely as If there had been a good
consideration.
An indorsee has right Of action
against all whose names were on the
bill or note when he received it, except
those who indorsed without re-
course"
An indorser of note Is exempt
from liability unless within twenty
four hours he Is served with notice OF
its dishonor. II the letter containing
the protest Of payment is put into
the postoffice, no miscarriage OF 1t af-
fects the party giving notice.
Land contracts must be in writing
and under seal.
An agreement without consideration
of value Is void. Value received
should be written into note, but 1t Is
not necessary. Even II not written, 1t
Is presumed by the law or may be sup
piled by proof.