PROMISSORY NOTE, is an uncondi tional promise in writing for the payment of money in a sum certain, absolutely, and at all events; it is negotiable when it is transferable from one person to another by endorsement or delivery, so as to vest in the party taking it the legal title to the note and to the property it represents; they are of ancient origin and were in use by the Romans. Under the law, gen erally, notes are assignable, so that the assignee may bring an action thereon in his own name. The usual parties to a promissory note are the drawer, the payee to whom it is drawn and the endorser. The important characteristic of a negotiable note is that the person receiving it does so for value and without notice of any question of title of the previous holder. Any thing on the face of a note sufficient to put a transferee upon inquiry subjects him to any defenses between all the original parties; one taking negotiable paper that is overdue does so under like conditions. Possession of a nego tiable note which is payable to drawer, 'or which is endorsed in blank, or to the holder specially, is presumed to be legal in every re spect. A note to which any signature is at
tached, through which the holder claims, that has been forged, is not good. The holder of a note can bring an action thereon, except that it is payable to another, especially a note en dorsed in blank If a note is made subject to any conditions as to demand or notice, same must be first complied with before action can be brought. Protesting of a note is the declara tion by the holder against any loss on account of non-payment; its object is to give notice to the endorsers of their consequent liability; such notice is essential, and it is customary that pro test be made by a notary public. Many import ant subjects in relation to the laws governing promissory notes are the subject of statutes, which differ in various jurisdictions. See also ENDORSEMENT; NEGOTIABLE PAPER; Nom.