Principles And Practice of Finance a Practical Guide for Bankers Merchants An

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. . . .. .. .. .. .. . After date . .. .. .. .. . Promise to pay to the order of . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . Dollars value received. No. . Due NOTES. 247 It is a well recognized principle of law that a note given without consideration cannot be 'enforced by a person having knowledge of that fact, but a note given, though without consideration, may be enforced by an innocent holder, who purchased the same for a consideration. Notes may be drawn by any number of pers...ons, pay- able to one or more persons, and are transferable by endorsement. Notes may be endorsed in some nine different ways, each imposing a different liability upon the endorser or endorsers thereof. The different kinds of endorsements are stated with much brevity and clearness by Mr. Bolles in his work on Practical Banking, which we take the lib- erty of quoting. " An endorsement may be (i) in full, or (2) in blank ; it may be (3) absolute, or (4) unconditional ; it may be (5) re- strictive ; it may be (6) without recourse on the endorser ; and there may be (7) joint endorsements of the instrument, (8) successive endorsements, and (9) irregular ones.

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