sary to constitute a valid promissory note. Neither the word promise nor the word pay is indispensible; but there must be equivalent expressions. There must be words importing a promise to pay. Α mere “I. O. U." such a sum is not therefore valid as a promissory note.

Where a note is signed by several persons as makers, it is usually joint and several, so as to give the holder a right of action against all of them jointly, or each separately, at his election; although of course the note is satisfied by being once paid by all or either of the parties. The proper words to be used in such a case are "We jointly and severally promise to pay " &c. But where a note began "I promise" &c., and was signed by several makers, it was held the note was several as well as joint.

If a note purport to be made and be signed by A. only, B. cannot be sued thereon, although he was jointly with A. liable for the debt for which the note was given. But if a note begin "I promise to pay " &c., and A. and B. be partners in trade, and A. sign the note as for himself and B. on the face of the instrument, the note is several against A. and joint against the firm.

When it is desired that the maker of a note should not be responsible unless the note is presented at a particular bank or other place, he must insert in the body of the note the words " and not otherwise or elsewhere," as in the acceptance of a Bill of Exchange.

It only remains to observe that by the Dominion

Statute, 31 Vic., cap. 9, all bills and notes amounting to $25 and upwards, require to be stamped, as follows: Where the sum payable amounts to, but does not exceed, $25, a one cent stamp; where it exceeds $25, but does not exceed $50, a two cent stamp; where it exceeds $50, but does not exceed $100, a three cent stamp; and for every note exceeding $100, an additional three cent stamp for every subsequent $100, or fractional part of it.

Stamps must be affixed when the bill or note is drawn or made; and must be at once cancelled by writing over them the date when so affixed. A penalty of $100 is imposed for non-compliance with this enactment. If, however, a bill or note should come bona fide into the hands of a party without having stamps affixed, such party may affix double stamps; the bill or note will then be good as to him and all persons becoming parties to it after him.

CHAPTER VII.

BONDS.

A bond is an obligation under seal, whereby the maker (called the obligor) obliges himself, his heirs, executors and administrators, to pay a penalty or sum of money to another (called the obligee).

A condition is generally added that if the obligor

pays a certain sum of money or performs some particular act, by a time specified, then the obligation shall be void, otherwise it shall remain in full force and virtue. A bond without a condition is called a single bond.

The penalty in a bond for payment of money is usually double the amount of the real debt, for the purpose of securing the full debt with interest and costs if necessary.

Whenever a specified sum is agreed upon by the parties for stipulated or liquidat d damages, in the event of a failure to comply with the conditions of a bond, such specific sam is the amount which the party in fault is to pay.

All that can be recovered of a penalty in a bond for payment of money, in addition to the amount of the debt, is interest and costs; and as the general inclination of Courts is to regard the sum mentioned as a penalty, care must be exercised to state distinctly and unmistakably, the fact, that the sum agreed upon is in the nature of stipulated or liquidated damages, if the whole sum mentioned is intended as a forfeiture in case of failure.

Single Bond.

(Without Condition.)

Know all men by these presents, That I, A. B., of, &c., am held and firmly bound unto C. D., of, &c., in the penal sum of $1000 of lawful money of Canada, to be paid to the said C. D. or to his certain attorney, executors, administrators or assigns :

For which payment to be well and faithfully made, I bind myself, my heirs, executors and administrators, and every of them firmly by these presents.

Sealed with my seal, dated the 6th day of January, 1870.

Signed, sealed and delivered in the presence of

Y. Z.

A. B. [L.S.]

Bond.

(With Condition.)

Know all men by these presents, That I, A. B., of, &c., am held and firmly bound unto C. D., of, &c., in the penal sum of $1000 of lawful money of Canada, to be paid to the said C. D. or to his certain attorney, executors, administrators or assigns : For which payment well and truly to be made, I bind myself, my heirs, executors and administrators firmly by these presents.

Sealed with my seal, dated this 6th day of January, 1870.

The condition of the above written bond or obligation is such that if the above bounden A. B., his heirs, executors or administrators, do and shall well and truly pay or cause to be paid unto the said C. D., his executors, administrators or assigns, the just and full sum of $500 of lawful money of Canada, with interest thereon at the rate of ten per cent. per annum, on the days and times, and in the manner following, that is to say: The said principal sum of $500 on the 6th day of July, 1872,

and the said interest half yearly, on the 6th days of January and July in each year, (the first of such payments of interest on the 6th day of July next) without any deduction, defalcation or abatement whatsoever: Then the above written bond or obligation shall be void and of no effect: otherwise. shall be and remain in full force and virtue.

Signed, sealed and delivered in the presence of

Y. Z.

Bond to convey Land.

A.B. [L.S.]

Know all men by these presents, That I, A. B., of, &c., am held and firmly bound unto C. D., of, &c., in the penal sum of $1000 of lawful money of Canada, to be paid to the said C. D., or to his certain attorney, executors, administrators or assigns: For which payment well and truly to be made, I bind myself my heirs, executors and administrators, and every of them forever, firmly by these presents Sealed with my seal. Dated this

1st day of May, 1869.

Whereas, the said C. D., hath contracted with the above bounden A. B., for the absolute purchase in fee simple, free from incumbrances, of the following lands and premises, that is to say: (here describe the lands to be conveyed). And whereas, the said C. D. hath agreed to pay therefor, the sum of $500 of lawful money of Canada, at the times, and in manner following, that is to say: (here state the mode of payment.)