DAYS OF GRACE

Notes may be "time" notes, that is where there is a specified time
for payment, or "demand" notes. The latter are collectable on
presentation.

With the time notes "three days grace" are allowed after the
expiration of the date for payment. No such favor is allowed in
the case of demand notes.

These grace days do not seem businesslike. Why not add them to the
date in the note? Well, it is a custom, quite as old as the
greater part of our laws, and so it must be observed.

Under the law a note is payable at the home or business place of
the drawer, unless otherwise specified.

INDORSING NOTES

A note secured by a mortgage has its payment guaranteed.

The usual way of securing the payment of a note given in business
is to have it endorsed with a good name across the back, as in
endorsing a check.

By writing your name across the back of another man's note you
announce to all the holders of that note that you know the maker
and that if he does not pay it you will.