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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1902 edition. Excerpt: ...with a demand that the cancellation error shall be guaranteed or duly certified as having been made by mistake. The question very naturally arises here whether or not a bank upon which a check is drawn would be justified in refusing to pay it if it came to it mutilated in the manner described, provided it could not wcure from any previous holder the guarantee or certification mentioned. We reply that, if the check and its presentation were all right in other respects, no bank could be justified in flatly refusing to Pay it simply on the ground that it had a cut or a hole in it. CHAPTER XVI. NOTES AND DRAFTS. A promissory note is a documentary promise to pay. An old English definition of this instrument states it to be a writing which contains a promise of the payment of money or the delivery of property to another at, or before, a time specified, in consideration of value received by the promisor. From a practical banking stand-point exceptions would be taken to one feature of this definition--that which speaks of the payment on or before, since the holder of a time note cannot legally be obliged to accept payment before it is due. This question seldom comes up between payer and payee, yet it is well to understand its bearings in case it should arise. A common style of promissory note (see Form 66), which must, of course, vary in form according to circumstances, is the following: In explaining its leading features, their bearings, and the rights and duties of the parties, the order of the statements set forth in the note offers a good arrangement for the order of our explanations. THE PLACE WHERE A NOTE IS DATED. This is of far less importance than is generally supposed. A note is always payable where the promisor has a legal...

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