Note

1.

A brief statement in writing; a memorandum,* q. v. See also Refresh. Bought note; sold note. Where a broker is employed to buy and sell goods he gives the buyer a note of the sale called a " sold note," and the seller a like note called a " bought note," in- his own name, as the agent of each, and thereby they are respectively bound, if he has not exceeded his authority.5 " What he delivers to the seller is called the sold note: to the buyer the bought note." ^ Judge's notes. Memoranda taken by the judge who tries a cause, of the testimony of witnesses, of documents admitted in evidence, of offers of evidence, etc. They are no part of the record, and he is not required to take them.'

2.

A written promise to pay money; a " promissory note." Judgment note. A promissory note with a power of attorney authorizing entry of judgment by confession, in default of payment. Not generally negotiable, but transferable by formal assignment under seal. See further Attorney, Warrant of.

Promissory note

A plain and direct engagement, in writing, to pay a sum specified at the.time therein hmited to a person therein named, or, sometimes, to his order, or often to the bearer at large.s > Rowley v. Berrian, 12 111.

200 (1850). "Pierce v. Indseth, 106 U. S. 548-^9 (1882), cases. Field, J.; The Gallego, 30 F. E. 274 (1887); Story, Bills, § 277; 1 Greenl.

Ev. § 5. "Muncie Nat. Bank v. Brown, Ind. Sup. Ct. (1887): 37 Alb. Law J. 68. * See Clason v. Bailey, 14 Johns. 402 (1817). » [Story, Agency, § 28, 9 ed., text and note. •1 Benj. Sales, § 276; ib. §§ 294-302, cases. See also Butler V. Thomson, 92 U. S. 416-17 (1875), cases; 1 Whart. Ev. § 76, cases. A written engagement by one person to pay, absolutely and unconditionally, to another person therein named, or to his order or to the bearer, a certain sum of money at a specified time or on demand, or at sight.' No precise words of contract are necessary, provided they amount, in legal effect, to a promise to pay." Held to be valid notes were the following: " Due A. $325, payable on demand; " " I acknowledge myself indebted to A. $109, to be paid on demand for value received; " "I. O. U. S85 to be paid May 5th." ' A bank-bill is a promissory note, in an indictment for stealing or forging a promissory note.^ Giving a new note for an old one which bad become due, the amount and makers of the two notes being the same, will not be treated as payment or extinguishment of the old note or of the pre-existing debt, unless the parties so expressly agree; but will be regarded merely as an extension of credit upon the debt; and the surrender of the old note will not of itself raise a presumption of such agreement to extinguish the old note by the new one, it being considered as a conditional surrender and that its obligation is received, if the new note is not paid. And the new note will nob be regarded as a payment of the old even when it is so expressly agreed, if such agreement was obtained by the concealment of any material fact affecting the security of the debt; nor does the presumption of payment apply where the creditor abandons some security which he held when he takes the new note. 5 Taking a note, bill or check in payment of another note is generally conditioned upon the payment of the latter — except, perhaps, in Indiana, Louisiana, Maine, Massachusetts, and Vermont. ^ ' Haised note. A negotiable promissory note increased in the amount called for on the face, by fraudulent alteration. If the maker is not chargeable with negligence in putting in circulation an instrument susceptible of alteration so as to deceive a person of ordinary caution, he is not liable upon his raised note.' ■See further Alteration, 2; Bearer; Certainty; Check; Collection; Doe, 1; Exchange, a; Forqert; Genuine; Grace; I O U; Lost, S; Negotiable; Patent, 2; Payment; Post-note. > Hall i;. Farmer, 5 Denio, 486 (1848), cases. Beardsley. C. J. See also 13 Bradw. 101; 34 111. 170; 96 id. 144; 31 La. An. 122; 49 Me. 518; 60 Md. 685; 10 Neb. 287; 6 Cow. 108; 6 Humph. 304; 47 Wis. 665; 53 id. 606. " Cowan V. Halleck, 9 Col. 578 (1886), cases. ' 1 Daniel, Neg. Inst. §.39, cases. 1 Commonwealth v. Butts, 124 Mass. 452-63 (1878), cases; 126 id. 56, 262. « Merchants' Nat. Bank v. Good, 21 W. Va. 466, 464- 67 (1883), cases, Snyder, J.; Green v. Russell, 132 Mass. 536 (1882). « Henry v. Conley, 48 Ark. 271-72 (1886), cases; 2 Dan. Neg. Inst. § 1260.