How many persons, at least, must there be to an accepted draft?  When does the responsibility of the drawer begin?  That of the person drawn upon?  How does the acceptance of a draft affect the responsibility of the drawer?  If the draft is not accepted, to whom shall the holder look for pay?  Are drafts negotiable before acceptance?

Compare and contrast a note and a draft.  A draft and a check.  Is the bank under any obligation to the holder of an uncertified check?  Does certifying a check release the drawer of it?  Are checks negotiable?

What responsibility does an indorser assume in case of a note?  Of an unaccepted draft?  Of an accepted draft?  Of a check?  What does “without recourse” mean?  To how many persons is the maker of a note responsible?  The first indorser?  The second?  How can the first indorser be distinguished from the second?  To whom is the second indorser not responsible?

Who are not responsible to the holder of a negotiable paper unless notified?  Who are responsible without notice?  What principle do you discover?  When is a demand note due?  A check?  A time note?  A sight draft?  A time draft?

What should you do, and why, in the following cases: 

1.  When you pay a note? 2.  When you make a partial payment on a note? 3.  If you should lose a note? 4.  If you have a note without indorsees, to render the maker responsible? 5.  If you hold a note having indorsers, to render the indorsers responsible? 6.  If you hold an unaccepted draft? 7.  In case acceptance is refused? 8.  If you hold an accepted draft? 9.  If the acceptor fails to pay when the paper becomes due? 10.  If you hold an uncertified check, in order to render the drawer responsible? 11.  If it is indorsed, to make the indorsers responsible? 12.  If you have a certified check, to make the bank responsible? 13.  If you are a third indorser of a note, whom can you hold responsible in case the paper is dishonored, and how? 14.  If you have a bearer note and you wish to transfer it without assuming responsibility? 15.  How if it is an order note?

APPENDIX A.—­FORMS.

TOWN BUSINESS.

I.  Organization of a Town.

PETITION.

To the board of county commissioners of the county of
__________,__________ :  The undersigned, a majority of the legal voters of
congressional township number ______ north, of range number ______ west,
in said county, containing not less than twenty-five legal voters, hereby
petition your honorable board to be organized as a new town under the
township organization law, and respectfully ask that you forthwith proceed
to fix and determine the boundaries of such new town and to name the same
(giving the proposed name.)

(Dated, and signed by a majority of all the legal voters in the town.)

COMMISSIONERS’ REPORT.