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New York Examination Questions and Answers
New York Examination Questions and Answers Author:Joseph Jacobs Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: CHAPTER III. Bills and Notes. Q. (No date.) Three months after date, I promise to pay to the order of X, $500 in wheat. (Signed) A. B. It this a valid ... more »promissory note ? When does it become due and payable ? A. This is not a valid promissory note, as it is not payable in money. Sec. 20 of the N. Y. Neg. Inst. Law (Laws of 1897, chap. 012) provides as follows: "An instrument to be negotiable must conform to the following requirements: 1. It must be in writing and signed by the maker or drawer. 2. It must contain an unconditional promise or order to pay a sum certain in money. 3. Must be payable on demand, or at a fixed or detcrminable future time. 4. Must be payable to order or to bearer; and 5. Where the instrument is addressed to a drawee, he must be named or otherwise indicated therein with reasonable certainty." If this instrument were negotiable, it would be payable thirty days from its delivery, as where an instrument is not dated, it will be considered to be dated as of the time when it was issued. Sec. 36, Neg. Inst. Law. The absence of a date from an instrument does not affect its negotiability. Sec. 25 of Neg. Inst. Law. Q. June 2, 1899. I promise to pay to the order of W $55 at my store, or in goods on demand. (Signed) T. P. Is this a valid promissory note ? A. Yes. This instrument has all the essential qualities of a negotiable promissory note. It is for the unconditional payment of a certain sum of money, at a specified time, to the payee's order. It was not optional with the maker to pay in money or goods, and thus to fulfill his promise in either of two specified ways. In such case, the promise would have been in the alternative. If the holder chooses, he may surrender the note and receive goods, but that rests entirely with himself, and no ch...« less