With the time notes "three days grace" are allowed after the expiration of the date for payment. No such favor is allowed in the case of demand notes.
These grace days do not seem businesslike. Why not add them to the date in the note? Well, it is a custom, quite as old as the greater part of our laws, and so it must be observed.
Under the law a note is payable at the home or business place of the drawer, unless otherwise specified.
INDORSING NOTES
A note secured by a mortgage has its payment guaranteed.
The usual way of securing the payment of a note given in business is to have it endorsed with a good name across the back, as in endorsing a check.
By writing your name across the back of another man's note you announce to all the holders of that note that you know the maker and that if he does not pay it you will.
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."