A Time Note must be paid in a specified time.
A Joint Note is one signed by two or more persons who are jointly liable for its payment.
A Joint and Several Note is a note signed by two or more persons who are both jointly and individually liable for its payment. Each man who signs the note is as much responsible for the payment of the whole sum as if he had signed alone.
Legal Rules that Apply to Notes
A note made out on Sunday is void.
If a note does not state that interest is to be paid, it does not bear interest until after it is due.
If anyone obtains a note by fraud or from an intoxicated person, he cannot collect.
To be negotiable an instrument must be in writing and signed by the maker (of a note) or drawer (of a bill or check).
It must contain an unconditional promise or order to pay a certain sum in money.
Must be payable on demand, or at a fixed future time.