SECTION III. Forms of Notes, Deeds, Bonds, and other Instruments of Writing No. I. §. 1. Of Notes. Overdean, Sept. 17, 1802. For value received, I promise to pay to Oliver Bountiful, or order, Sixty-three dollars fifty-four cents on demand, with interest after three months. William Trusty. Attest, Timothy Testimony. No. II. Bilfort, Sept. 17, 1802. For value received, I promise to pay to O. R. or -dollars-cents, three months after date: bearer No. III. BY TWO PERSONS. Peter Pencil. Arian, Sept. 17, 1802. For value received we jointly and severally promise to pay to C. D. or order-dollars Attest, -cents on demand, with interest. Constance Adley, OBSERVATIONS. Alden Faithful. James Fairface. 1. No note is negotiable unless the words, or order, otherwise, or bearer, be inserted in it. 2. If the note be written to pay him "or order," (No. I.) then Oliver Boun tiful may endorse this note, that is write his name on the back side, and sell it to A, B, C, or whom he pleases. Then A, who buys the note, calls on William Trusty for payment, and if he neglects or is unable to pay, A may recover it of the Endorsor. 3. Ir a note be written, to pay him " or bearer," (No. II.) then any person who holds the note may sue and recover the same of Peter Pencil. 4. The rate of interest established by law being six per cent. per ann. it becomes unnecessary, in writing notes to mention the rate of interest; it is sufficient to write them for the payment of such a sum, with interest, for it will be understood, legal interest, which is six per cent. 5. ALL notes are either payable on demand, or at the expiration of a certain term of time agreed upon by the parties and mentioned in the note, as three months, or a year, &c. 6. Ir a bond or note mention no time of payment, s always on demand, whether the words " on demand" be expressed or not. 7. ALL notes payable at a certain time are on interest as soon as they be ome due, tho' in such notes there be no mention made of interest. THIS rule is founded on the principle, that every man ought to receive lis money when due, and that the nonpayment of it at that time is an injury to him. The law, therefore, to do him justice, allows him interest from the time the money becomes due, as a compensation for the injury. 8. UPON the same principle a note payable on demand, without any mention made of interest is on interest after a demand of payment, for upon demand such notes immediately become due. 9. Ir a note be given for a specific article, as rye, payable in one, two or three months or in any certain time, and the signer of such note suffers the time to elapse without delivering such article, the holder of the note will not be obliged to take the article afterwards, but may demand and recover the value of it in money, § 2. Of Bonds. A Bond, with a condition from one to another. KNOW all men by these presents, that I C. D. of, &c. in the county of &c. am held and firmly bound to E. F. of, &c. in two hundred dollars to be paid to the said E. F. or his certain attorney, his executors, administrators or assigns; to which payment, well and truly to be made, I bind myself, my heirs, executors, and administrators, firmly by these presents; Sealed with my seal. Dated the eleventh day of in the year of our Lord one thousand eight hundred and two. THE Condition of this obligation is such, That if the above bound C. D. his heirs, executors or administrators, do and shall well and truly pay or cause to be paid, unto the above named E. F. his executors, administrators or assigns, the full sum of two hundred dollars, with legal interest for the same, on or before the eleventh day of next ensuing the date hereof: Then this obligation to be void, or otherwise to remain in full force and virtue. Signed, &c. A Condition of a Counter Bond, or Bond of Indemnity, where one man becomes bound for another. THE Condition of this obligation is such, That whereas the above named A. B. at the special instance and request, and for the only proper debt of the above bound C. D. together with the said C. D. is, in and by one bond or obligation bearing equal date with the obligation above written, held and firmly bound unto E. F. of &c. in the penal sum of -dollars, conditioned for the payment of the sum of, &c. with legal interest for the same on the day of next ensuing the date of the said in part recited obligation, as in and by the said in part recited bond, with the condition thereunder written may more fully appear: If therefore the said C. D. his heirs, executors or administrators, do and shall weil and truly pay or cause to be paid unto the said E. F. his executors, administrators, or assigns, the said sum of, &c. with legal interest for the same, on the saidday of, &c. next ensuing the date of the said in part recited obligation, according to the true intent and meaning, and in full discharge and satisfaction of the said in part recited bond or obligation Then, &c. Otherwise, &e. NOTE. THE principal difference between a note and a bond is that the latter is an instrument of more solemnity, being given under seal. Also, a note may be controuled by a special agreement, different from the note, whereas, in case of a bond, no special agreement can in the least controul what appears to have been the intention of the parties as expressed by the words in the condition of the bond. No. I. § 3. Of Receipts. 1 Sitgrieves, Sept. 19, 1802. Received from Mr. Durance Adley, ten dallars, in full of all accounts. Orvand Constance. No. II. Sitgrieves, Sept. 19, 1802. Received from Mr. Orvand Constance, five dollars in full of all accounts. No. III. Durance Adley. A receipt for an endorsement on a note. Sitgrieves, Sept. 19, 1802. Received from Mr. Simpson Eastly, (by the hand of Mr. Titus Trusty), sixteen dollars twenty-five cents, which is endorsed on his note of June 3, 1802. No. IV. Peter Cheerful. A Receipt for money received on Account. Sitgrieves, Sept. 19, 1802. Received of Mr. Orand Landike, fifty dollars on account. No. V. Eldro Slackley. A Receipt for interest due on a Bond. day of Received this-of Mr. A. B the sum of five pounds, in full for one year's interest of 1001. due to me on the day of— -last, on bond from the said A. B. I say received. By me C. D. Observations. 1. THERE is a distinction between receipts given in full of all accounts, and others in full of all demands. The former cut off accounts only; the latter cut off not only accounts, but all obligations and rights of action. 2. WHEN any two persons make a settlement and pass receipts (No. I. and No. II.) each receipt must specify a particular sum, received, less or more. It is not necessary that the sum specified in the receipt, be the exact sum received. 7. ALL notes payable at a certain time are on interest as soon as they be ome due, tho' in such notes there be no mention made of interest. THIS rule is founded on the principle, that every man ought to receive lis money when due, and that the nonpayment of it at that time is an injury to him. The law, therefore, to do him justice, allows him interest from the time the money becomes due, as a compensation for the injury. 8. UPON the same principle a note payable on demand, without any mention made of interest is on interest after a demand of payment, for upon demand such notes immediately become due. 9. IF a note be given for a specific article, as rye, payable in one, two or three months or in any certain time, and the signer of such note suffers the time to elapse without delivering such article, the holder of the note will not be obliged to take the article afterwards, but may demand and recover the value of it in money, § 2. Of Bonds. A Bond, with a condition from one to another. KNOW all men by these presents, that I C. D. of, &c. in the county of &c. am held and firmly bound to E. F. of, &c. in two hundred dollars to be paid to the said E. F. or his certain attorney, his executors, administrators or assigns; to which payment, well and truly to be made, I bind myself, my heirs, executors, and administrators, firmly by these presents; Sealed with my seal. Dated the eleventh day of in the year of our Lord one thousand eight hundred and two. THE Condition of this obligation is such, That if the above bound C. D. his heirs, executors or administrators, do and shall well and truly pay or cause to be paid, unto the above named E. F. his executors, administrators or assigns, the full sum of two hundred dollars, with legal interest for the same, on or before the eleventh day of-next ensuing the date hereof: Then this obligation to be void, or otherwise to remain in full force and virtue. Signed, &c. A Condition of a Counter Bond, or Bond of Indemnity, where one man becomes bound for another. THE Condition of this obligation is such, That whereas the above named A. B. at the special instance and request, and for the only proper debt of the above bound C. D. together with the said C. D. is, in and by one bond or ob.. ligation bearing equal date with the obligation above written, held and firmly bound unto E. F. of &c. in the penal sum of tioned for the payment of the sum of, &c. with legal interest for the same on -dollars, condithe day of -next ensuing the date of the said in part recited obligation, as in and by the said in part recited bond, with the condition thereunder written may more fully appear: If therefore the said C. D. his heirs, executors or administrators, do and shall well and truly pay or cause to be paid unto the said E. F. his executors, administrators, or assigns, the said sum of, &c, with legal interest for the same, on the saidthe said in part recited obligation, according to the true intent and meaning, -day of, &c. next ensuing the date of and in full discharge and satisfaction of the said in part recited bond or obligation: Then, &c. Otherwise, &e. NOTE. THE principal difference between a note and a bond is that the latter is an instrument of more solemnity, being given under seal. Also, a note may be controuled by a special agreement, different from the note, whereas, in case of a bond, no special agreement can in the least controul what appears to have been the intention of the parties as expressed by the words in the condition of the bond. No. I. § 3. Of Receipts. Sitgrieves, Sept. 19, 1802. Received from Mr. Durance Adley, ten dollars, in full of all accounts. Orvand Constance. No. II. Sitgrieves, Sept. 19, 1802. Received from Mr. Orvand Constance, five dollars in full of all accounts. No. III. Durance Adley. A receipt for an endorsement on a note. Sitgrieves, Sept. 19, 1802. Received from Mr. Simpson Eastly, (by the hand of Mr. Titus Trusty), sixteen dollars twenty-five cents, which is endorsed on his note of June 3, 1802. No. IV. Peter Cheerful. A Receipt for money received on Account. Sitgrieves, Sept. 19, 1802. Received of Mr. Orand Landike, fifty dollars on account. No. V. Eldro Slackley. A Receipt for interest due on a Bond. Received this day of -of Mr. A. B the sum of five pounds, in full for one year's interest of 1007. due to me on the on bond from the said A. B. I say received. Observations. -last, day of—. By me C. D. 1. THERE is a distinction between receipts given in full of all accounts, and others in full of all demands. The former cut off accounts only; the latter cut off not only accounts, but all obligations and rights of action. 2. WHEN any two persons make a settlement and pass receipts (No. I. and No. II.) each receipt must specify a particular sum, received, less or more. It is not necessary that the sum specified in the receipt, be the exact sum received. |