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The Transfer of Promis Sory Notes


THE TRANSFER OF PROMIS SORY NOTES. Promissory notes have been made negotiable the same as bills of exchange by statute, though many decisions hold that they are negotiable independent of statute Like bills of exchange, a promissory note, pay able on demand and not known to be dishonored, will be deemed overdue after the lapse of a reason able time from the date of its issue. Reasonable time is a question of law, but governed in the absence of statute, by the circumstances of the case and the intention of the parties. (Herrick v. Wol verton, 41 N. Y., 581; Poorman v. Mills, 39 Cal., 345.) And such a note must be presented for pay ment within a reasonable time in order to charge indorsers. (Crim v. Starkweather, 88 N. Y., 339.)