I.O.U

It can be sued upon as a promissory note, without presentment to the bank, whereas the holder of a regular check must first demand its payment at bank, and be refused, before he can maintain an action against the drawer; Van Schaack, Bank Checks 184. The fact that the word “memorandum” or an abbreviation of it is written oh a check makes it a memorandum check, but the bank is not bound to pay any attention to these words, and if such a check is presented for payment and the drawer has sufficient funds to meet it the bank must honor it like any ordinary check; Norton, Bills and Notes 383. If the agreement between the maker and payee is that it shall not be pr<' ented for payment, any remedy of the drawer for the breach of such agreement is solely against the payee; Morse, Banks 313. Such a check has all the features of a negotiable instrument in the hands of a hona fide holder for value; id. See Check.