Keyes v. Fenstermaker

Citations

• 24 Cal. 329

Syllabus

<p>Note—When Payable.—When no day or time of payment is specified in a promissory note, it is to be considered as payable on demand.</p> <p>Indorser—Liability of.—In order to charge an indorser of a note payable on demand, presentment must be made within a reasonable time, and what is a reasonable time depends upon the facts of each particular case.</p> <p>Indorser—Contract of.—The contract of the indorser of such note is, that the maker will pay the note upon a demand made within a reasonable time, and that in the event of his failure to do so the indorser will pay it.</p> <p>Indorser—Proof Necessary to Charge.—In order to charge the indorser of such note, the burden is cast upon the holder of proving that the demand of payment was made within a reasonable time, and if any delay has occurred in making the demand, the holder must prove the circumstances excusing the delay.</p> <p>Indorser—Notice to.—When demand of the payment of such note is made upon the maker, and the note is dishonored, notice of demand and non-payment must be given to the indorser within the same time which is required in the case of a note or bill made payable at a particular day.</p> <p>Same.—At common law, notice of dishonor must be given the indorser on the day following the demand, unless some good reason exists for not doing so.</p> <p>Promise by Indorser to Pay.—A promise to pay a note, made by an indorser after its maturity, where no demand has been made or notice given, and made with fall knowledge of the holder’s laches, is binding upon the indorser, but this promise must be established by clear and distinct evidence.</p>