Witnesseth That the said party of the first | STATE OF OHIO, part, in consideration of . . . . dollars, lawful County of money of the United States, paid by the party of the second part, doth hereby grant and release unto the said party of the second part, his heirs and assigns forever (here describe property), together with the appurtenances and all the estate and rights of the party of the first part in and to the said premises. To have and to hold the above granted premises unto the said party of the second part, his heirs and assigns forever. And the said party of the first part, doth covenant with said party of the second part, as follows: First. That the party of the first part is seized of the said premises in fee simple, and has good right to convey the same. Second. That the party of the second part shall quietly enjoy the said premises. Third. That the said premises are free from incumbrance. Fourth. That the party of the first part will execute or procure any further necessary assurance of the title to said premises. Fifth. That the party of the first part will forever warrant the title of said premises. In witness whereof, the said party of the first part hath hereunto set his hand and seal the day and year first above written. A. B. In the presence of, B. C. STATE OF NEW YORK, } [L. S.] a Be it remembered that on this.. day of 189.., before me, the subscriber, (give official title), in and for the said county, came A. B., and C. B., his wife, the grantors in the foregoing instrument, and acknowledged the signing thereof to be their voluntary act and deed for the uses and purposes therein mentioned. And the said C. B., wife of the said A. B., being examined by me separate and apart from her said husband, and the contents of the, said instrument being by me made known and explained to her as the statute directs, declared that she did voluntarily sign and acknowledge the same and that she is still satisfied therewith as her act and deed. In testimony whereof I have hereunto set my hand and affixed my official seal, the day [L. S.] and year last above written. (Signature and title.) The following States require no separate examination in acknowledgments by husband and wife: Connecticut, the Dakotas, Illinois, Indiana, Iowa, Kansas, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, New York, Wisconsin, Wyoming, and Washington. The following States require a separate examination Delaware, District of Columbia, Florida, Idaho, Kentucky, Nevada, New Jersey, North Carolina, Pennsylvania, Ohio, Rhode Island, South Carolina, Tennessee, and Texas. Common Carriers.-A common carrier is one who, for a compensation, carries the goods of anyone offering them for transportation as a regular business. On this.. day of . . . ., in the year before me, the subscriber, personally came A. B. (and C. B., his wife), to me known to be the person (or persons) described in and who Carrier's Obligations.- He must take all executed the within instrument, and (sever-goods offered, unless of a dangerous kind. He ally) acknowledged that he (or they) executed the same. J. A., (Give official title.) NEW YORK. "Every conveyance unless recorded is void against a subsequent purchaser in good faith, whose conveyance shall be first duly recorded. To entitle a conveyance to be recorded it must be acknowledged by the party or parties executing the same, or shall be proved by a subscribing witness." "The acknowledgment of married women may be made, taken, and certified in the same manner as if they were sole." ОнIо. All deeds, mortgages, etc., executed within the State of Ohio must be signed by the grantor and acknowledged before two attesting witnesses, and the said grantor must also acknowledge the same before a judge of the court of record of that State or some other competent authority. must charge one person no higher rates than another. He must take such care of the goods as a prudent man would of his own. He must carry them by the usual route and make a proper delivery of them. He must place the goods in a proper place and give notice of their arrival. Carrier's Liabilities.-In common law they are liable for all losses "except those occasioned by the act of God or the acts of the public enemy." He is responsible for losses by theft, robbery, etc. Railroad companies are responsible as carriers to parties sending goods by express over their lines, irrespective of the said parties' contract with the express company. A carrier's liability begins as soon as he has accepted the goods. It ends as soon as he has carried them to their destination and has deposited them there. The notices on their receipts whereby they seek to avoid all responsibility, are "no evidence of assent on the part of the owner," and the liability cannot be avoided that way. He may avoid almost anything by making a special contract. He might avoid liability by notice if he could prove that the shipper had read his notice or was familiar with its terms, though there is some question about this in New York at least. Carriers of Passengers.-They are bound to make use of all ordinary methods for the safety of their passengers. They must employ proper vehicles and competent servants. In general, they are bound to run trains on their advertised time. They are liable to passengers for the misconduct of their servants. If any person is injured through their negligence, they are liable not only for the damage that person has received, but for prospective damage as well. He is an insurer of his passengers' baggage. He is liable for such baggage as his passengers carry for their own personal use. He cannot avoid liability by notices, as a notice is no evidence of the assent of the owner of the baggage. The carrier may avoid liability to some extent by a special contract. They must take each person who tenders the price of transportation and wishes to be carried. They are not obliged to take disorderly or persons of doubtful character, or those afflicted with some contagious disease. They are not responsible to their passengers for accidents where all skill and diligence has been employed. Passengers are required to submit to all reasonable rules and regulations, to show their tickets whenever asked, and to surrender their tickets whenever required. Currency. The National Bank Act fixes the capital required to establish a National Bank as follows: Towns of less than 6,000 inhabitants, a capital of not less than $50,000; towns of from 6,000 to 50,000, a capital of not less than $100,000; in towns of over 50,000, at least $200,000 will be required. Each bank must deposit with the Treasurer at Washington, government bonds to the extent of at least one third its capital, as security for the notes of the bank. The government then issues to the bank ninety per cent. in notes, which, when properly filled and signed, constitute the circulation of the bank. Such banks are required to keep on hand at least twenty-five per cent. in legal tender of its circulation and deposits. The notes of such banks are secured to the holders, but depositors run the same risk of loss as with other banks, Checks. A check is an order to a bank to pay the holder a certain sum of money on presentation and without days of grace. A check, as in the case of a promissory note, may or may not be negotiable, according to the way it is drawn. A check given is no payment of a debt uniess paid when presented. Payment of a check may be stopped at any time before it is presented if notice is given the bank. Every indorser of a check is liable to each following indorser as in the case of promissory notes, but for no longer time than he would have been held had he been the maker of the check. Certificates of Deposit partake of the nature of certified checks and are used when money is deposited for a short time and no regular bank account opened. When wishing to draw your money in person, draw the check payable to " Self" or "Cash." Write the amount of the check both in words and figures, taking care that no blank spaces are left that could be filled to raise the amount of the check. Indorsements. The left-hand end of a check is the top. Write the indorsement across the back, a short distance from the top. If your name has been improperly spelled in the body of the check, indorse it exactly as written therein, then below write your name properly. If titles are used in the body of the check, they must appear with the name in the indorsement. In drawing a check payable to one not known at the bank you can avoid the necessity of identification by having him indorse it in your presence and you write under it, "Above indorsement correct" and sign your name. Checks that are to be deposited are usually indorsed, "For deposit," or " For deposit to the credit of," and such indorsements may be made by clerks, and the checks deposited to the credit of their firm. For further reference see indorsements of promissory notes. Notes. A promissory note is an unconditional promise in writing, to pay a certain person a certain sum of money at a certain future time. The essentials are that it be certainly paid, not out of any particular fund, nor dependent upon any contingency; that it be for the payment of money only. Five important points of a negotiable promissory note are: (1) That the date of payment be specified. (2) That the amount be plainly stated. (3) That it be paid only in lawful money. (4) That the promise be without conditions. (5) That it contain the words "order" or "bearer,' or other words showing the intention to make it negotiable. Indorsement: A note is indorsed when anything relating to it is written upon the back. The writer of the name is called the indorser, and the person for whose benefit it is written is the indorsee. There are five kinds of indorsements: (1) In full. (2) In blank. (3) Conditional. (4) Qualified. (5) Restrictive. 1. In full: When the name of the indorsee is mentioned, when none but he can demand payment. If he wishes to transfer it he must add his own indorsement in writing. This is the usual form and shows through what hands it passes. 2. After maturity: A note may still be negotiable, but the purchaser now takes it subject to any defense originally existing. Demand. No demand is necessary to hold the maker. For the purpose of holding those conditionally liable, a demand must be made first on those primarily liable. 1. Notes should be presented for payment by the holder or his authorized agent. 2. Demand should be made on the maker, or, in his absence, on his authorized agent. 3. To hold indorser, the demand must be made on the very day of maturity, no sooner, no later. 4. If no place of payment is specified in the note, it must be presented at the residence or place of business of the maker, and during regular business hours. A personal demand is 2. In blank: Indorsement in blank consists not necessary when the place of payment is of the indorser's name alone. It is then pay-specified. It is sufficient if the note be sent able to bearer, and is transferred by simple there in due time. delivery from hand to hand. The indorser in full or in blank is obligated to any subsequent holder if the maker does not pay it, and the indorser is given due notice of such failure. 3. Conditional: When the payment is made conditional upon some uncertain event. 4. Qualified: When the usual form is departed from and the indorser restrains, limits, or enlarges his liability as such. An indorsement without recourse to me transfers the title and releases the indorser from any liability. The exact words used do not matter if they show the intention to avoid responsibility. When acting for another party the words "agent," "attorney," or their equivalent will release, if added to the indorsement, the said agent from personal responsibility. 5. Restrictive: When the indorsement restrains the negotiability to some certain person as, " Pay to John Doe only," or "Pay John Doe for my account." Law of Place. - When given in one State and payable in another, it will be governed by the laws of the State where payable, in the matter of interest, if the rate is not mentioned. The law merchant " is, that the maker is bound by the laws of the place where made; the indorser by the law where indorsed; demand, days of grace, etc., by the laws where payable. Payment. Possession is presumptive evidence of title on paper drawn or indorsed, payable to bearer, and payment may be made to the one presenting it. Before paying, the maker should be careful that any indorsements are genuine, and that the title is properly transferred. Payment by an indorser satisfies only so far as the subsequent indorsers are concerned, for the note is not discharged until paid by the maker. After an indorser has paid a dishonored note, he may put it in circulation again. The holder takes his title from the first inTransfer. An indorsement to bearer is trans-dorser if made in blank or is a general inferred by delivery; or, if indorsed in blank, it dorsement, and the maker is protected in can be done in the same way by the indorsee, making payment to him. though drawn payable to order. 1. Before maturity an innocent purchaser can enforce the collection of a note, even if it be found to have been lost, stolen, or obtained by fraud. Five things are necessary: (1) That he obtained it in good faith. (2) That he was not aware of any defect in the title of the one from whom he obtained it. (3) That it be negotiable. (4) That it was obtained for value. (5) That it was obtained before maturity. Should he be aware of any defect in the title at the time of obtaining it, he takes it subject to any defense that could be legally brought against it at first. Non-payment. If the only parties concerned are the original ones, demand need not be made at maturity. The whole object of demand, protest, and notice of non-payment is to hold the indorsers or others conditionally liable. Protest. A protest is a formal statement made by a notary public, giving a copy or description of the note, stating that payment has been demanded and refused, giving reason of refusal, if any, and the purpose and object of the protest. The protest must be made by the notary personally, and duly signed and sealed. Notice.-1. Notice should be given by the holder or some suitable person authorized to act for him. The notary may do this. 2. Notices must be served on all whom the holder wishes to make responsible for the payment. He may notify all prior parties, or only the immediate indorser, as he may wish. Each indorser should protect his own interests by notifying all parties responsible to him. Indorsers are liable, in order of their respective indorsements, to each subsequent indorser. 3. Due diligence must be exercised in giving the notice. It is best to give it the same day, but if the dishonor occurs Saturday or immediately preceding a holiday, it will be in time if given the succeeding secular day. Certain obstacles, as war, prevalence of a contagious disease, floods, or act of Providence, will be accepted as legal excuses for want of notice. 4. Any place will do, if given personally. Notice in writing may be left at the place of business or at the house of the person to be notified. When the person resides at a distance he may be notified by a letter properly addressed and mailed to the office where he receives his letters. 5. The notice may be either verbal or written, and any form that clearly conveys the idea intended will be sufficient. The note should be clearly described. It is well described when its maker, payee, date, amount, and time and place of payment are named. Personal notice must be given when the holder and person to be notified live in the same place, unless the laws of the State do not require it. In New York and many other States written notice properly addressed and mailed is sufficient Notice of Protest. $587.00. SECOND NATIONAL BANK, Utica, N. Y., June 23, 1894. Take notice that the promissory note made by C. M. Taylor for $587 and interest, dated October 2, 1893, payable to your order at this bank, payable this day and indorsed by you, is protested for nonpayment, and the holder, J. B. Morrow, looks to you for the payment thereof, payment of the same having this day been demanded and refused. Respectfully yours, H. K. LONG, Notary Public. To J. L. Browne. The indorser may waive demand of payment, notice of protest, etc., at the time of the indorsement, or even at any time before maturity. The following is the usual form : "I hereby waive demand, protest, and notice of dishonor." (Signed) Defenses.-1. Want of consideration, if total, is a perfect defense. If it is only a partial failure it will defeat recovery only to that extent. 2. Obtained through fear or compulsion. The threats and duress must be such as would cause a person of ordinary firmness of mind to apprehend danger to himself, reputation, or property. 3. Fraud. Fraud vitiates all contracts. 4. Obtained by finding or theft. This is no defense against a bona fide and innocent purchaser who obtains the note before maturity and gives a valuable consideration for it. 5. Illegal consideration. A note illegal on its face gives warning to all. A note showing on its face that it called for more than the legal rate of interest would be subject to such defense. Notes given for "debts of honor " are void between original parties, but if indorsed and negotiated, the first indorser would be holden. Presumptions.-1. The law presumes that the negotiable paper was given for a consideration, whether expressed or not. The contrary must be proven to constitute a defense. 2. The holder is presumed to be the owner. 3. Indorsements and transfers are presumed to be made before the paper became due. 4. The law presumes the holder to have acquired the paper in the usual course of business 5. It is conclusively presumed that the paper means precisely what it says and parol evidence will not be allowed to offset it. A note given by a lunatic, an intoxicated person or a minor, is void. A note given by one who cannot write should be witnessed by an uninterested person. A person receiving a note, knowing it to be defective, has no better title than the person from whom he purchased. A note as a gift, being without consideration, is voidable. If the holder of a note extends the time of payment to the maker, his action releases all persons conditionally liable. In a note containing "we promise," or "we jointly promise," the liability is a joint one, and all must be sued; "we or either of us prom ise," or "we jointly and severally promise, here the liability is both joint and several and either or all the parties may be sued. In a note containing "I promise" and signed by two or more persons, each signer is obligated for the whole amount, and either or all may be sued. After becoming of age a minor may ratify a note given during his minority. No.BOSTON, MASS., Nov. 26, 1899. One month after date, without grace, we promise to pay to the order of ourselves Two Hundred and Fifty Dollars, at any bank in Boston. JOHNSON & Co., $250. Due Dec. 26, 1899. 209 Temple Place. A Note Payable by Installments. $3,000. PHILADELPHIA, PA., April 20, 1899. For value received, I promise to pay Smith & Brown, or order, Three Thousand Dollars, in the manner following, viz.: One thousand dollars in one year, one thousand dollars in two years, and one thousand dollars in three years, with interest on all said sums, payable semi-annually, without defalcation or discount. HUGH FAULKNER, 120 Chestnut St. $5,000. Sealed Note. CLEVELAND, O., May 8, 1899. For value received, I promise to pay Smith & Edgar, or order, Five Thousand Dollars, in three years from the date hereof, with interest, payable semi-annually, without defalcation or discount. And in case of default of my payment of the interest or principal aforesaid with punctuality, I hereby empower any attorney-at-law, to be appointed by said Smith & Edgar, or their assigns, to appear in any court which said Smith & Edgar, or their assigns, may select, and commence and prosecute a suit against me on said note, to confess judgment for all and every part of the interest or principal on said note, in the payment of which I may be delinquent. Witness my hand and seal, this 8th day of June, A. D. 1899. JOHN DREW. [SEAL.] Attest, GEORGE WHITE, |