In most states the indorser of a note cannot be held responsible
for payment, unless the holder notifies him, within twenty-four
hours after the note comes due, that the maker cannot or will not
pay.

If an indorsed note changes hands, each indorser is responsible to
all endorsers who follow him and also to the last holder of the
note.

If an indorser, that is, one into whose hands the note has come
after the first endorsement, should not wish to guarantee payment,
he writes before his name, "Without recourse to me."

This is known as a "qualified endorsement."

A NEGOTIABLE NOTE

Most notes are negotiable; that is because they may be sold, like
any other personal property, or the ownership may be transferred
from one person to another.

No note is negotiable that does not bear on its face, the words,
"Pay to bearer," or "Pay to the order of," followed by the payee's
name.

JOINT NOTES

When two persons sign a note they become jointly and individually
responsible for its payment.