No. 7. For Interest due on a Note. Springfield, Sept 29th, 1848. Received of N. W. twenty-one dollars, in full for one year's interest on his note of three hundred and fifty dollars, given Sept. 29th, 1847, and payable on the 29th day of Sept., 1850. No. 8. For Money paid before it becomes due. A. L. Rochester, Jan. 5th, 1849. Received of L. P. two hundred dollars, advanced in full for one year's rent of my store, No. 39, Buffalo St., leased to and now occupied by said L. P., and whose term of rent expires on the first day of May next. No. 9. In full of all accounts. H. M. Cooperstown, June 15th, 1848. G. R. Received of W. D. ten dollars in full of all accounts. No. 10. In full of all demands. Le Roy, Nov. 11th, 1848. Received of Dr. Moses Barrett eight dollars in full of all demands. A. D. Lampkins. Receipts given in full of all accounts cut off all accounts only. Those given in full of all demands cut off not only all accounts, but all other obligations. No. 11. For Property left in trust. Albion, May 31st, 1848. Received of H. K., in store, nine Bbls. super. flour, to be delivered to him, or his written order. L. O. ¶55. It is strongly recommended, that on the payment or part payment of any obligation, the payer take of the payee a receipt. In case 55. Suggestion on taking and giving receipts. The utility of making this a rule. Passing receipts. Receipts in full of all demands may express one cent, one dollar, or the exact sum received. Reasons for their expressing the exact sum received. of litigation, this receipt will be admitted as evidence in the case, though subject to examination and correction. It is also advisable, on the balancing of accounts, for the parties to pass receipts, that is, to each give the other a receipt. A receipt in full of all demands cuts off all demands as effectually if it specify one dollar, or one cent, as if it specify the whole amount paid at the time. Yet it is deemed best to state the exact sun paid, thus preventing any after difficulty that might arise from obscurity of meaning. T56. Bills, notes, due-bills, orders, receipts, &c., should be folded of a uniform width, and put in separate parcels, with a band round each, on which should be written the name of the contents of the parcel; as, Bills of Parcels; Individual Accounts; Notes; Orders; &c. On the outside of each paper, near one end, should be indorsed the name of the drawer of the paper, and the amount specified. These bundles are called files of papers; as, a file of Orders, &c.; and when a paper is indorsed and put into the parcel in which it belongs, it is said to be filed away, or on file. NOTE.-The pupil may now make out a few original bills, notes, due-bills, orders, and receipts, file them according to the above directions, and then submit them to the teacher for examination and correction. LIABILITIES OF INDORSERS. 57. A note payable at a specified time, is said to be mature when the third day after the time at which it is made payable has arrived; i. e., a note payable at a specified time, is mature on the third day of grace. But notes payable on demand, or having no time of payment. expressed, are mature when demand of payment is made, without grace. NOTE 1. If the third day of grace fall on Sunday, 4th of July, or any other holiday, or any fast day, the note is mature on the second day of grace, and demand of payment must be made on that day. NOTE 2. -In Vt. no grace is allowed on notes drawn and made payable in that state. A note is said to be dishonored when it has been presented to the maker for payment at maturity, and payment has been refused. 56. Putting away bills, notes, &c. Files of papers. Filing away papers, or putting them on file. Note. 57. Maturity of notes. Note 1. Note 2. When a note is dishonored. When a note is made payable at any particular place, the holder must demand payment of the maker at that place. But when no place of payment is mentioned, the holder may demand payment of the maker at any place where he may find him. The maker of a note contracts to pay the sum specified in the note at maturity. And in order to hold the indorsers of the note liable for its payment, the holder must demand payment of the maker of the note at its maturity. Then, if it be dishonored, he must immediately notify the indorsers of the fact. Mr. Justice Story, in his commentaries on the Law of Promissory Notes, Sec. 348, says: "It is indispensable that the notice should either expressly, or by just and natural implication, contain, in substance, the following requisites: - "1st. A true description of the note, so as to ascertain its identity. "2d. An assertion that it has been duly presented to the maker at maturity, and dishonored. "3d. That the holder or other person giving the notice looks to the person to whom the notice is given for payment and indemnity." The following form of notice to indorsers may be varied as circumstances may require: Boston, Aug. 9th, 18—. Dear Sir: A note of $37.50 made by Wm. Jones, dated Cambridge, January 6th, 18—, payable to your order, and indorsed by you, is due this day, and has been duly presented to the maker, (or, to the said Wm. Jones,) and dishonored. You will therefore take notice that I am the owner and holder of said note, and look to you for the payment of the same. D. F. Watson. Yours, &c., Robert Richards. When demand of payment must be made. What the maker of a note contracts. Proceedings necessary to hold indorsers liable for the payment of a note. Decisions of Mr. Justice Story. Form of notice to indorsers. ¶ 58. WHEN the first Day-book appropriated to any business becomes filled with entries, and a second is to be opened, on the back of the first is written A, or 1; on the back of the second, B, or 2; and so of any greater number. If but one Day-book be used, it is not necessary either to letter or number it. The pupil must be able to answer the following questions correctly, before proceeding farther. QUESTIONS. — If I obtain goods of another, who is Dr.? Who is Cr.? How will the entry be headed in my book? How in the person's book of whom I obtained the goods? When any person's name stands on my book, with Dr. annexed, what name must he enter on his book? Will the entry on his book be Dr. who is Dr. Who is Cr.? How or Cr. If another person obtains goods of me, will the transaction be recorded in his book? How in mine? at any time? For what Cr.? For what is any person, at any time, Dr. to me? For what Cr.? If I obtain goods to the value of a certain sum, of any person, at any one time, and let the said person, at the same time, have goods to the value of the same sum, what entry is necessary upon my books? Why? What upon the books of the other person? Why? 58 |