Sec.12.  Notes payable on demand, or in which no time of payment is mentioned, are due immediately, and no demand of payment is necessary.  But a note payable at sight, or at a specified time after sight, must be presented for payment before it can be sued.  If the words “with interest” are omitted, interest commences at the time the note becomes due.  If payable on demand, it will draw interest from the time when payment is demanded.

Sec.13.  After the day on which a note is made payable, the maker has three days in which to make payment, which are called days of grace.  Hence, a note payable on the first day of the month is not due and suable until the fourth.  If, however, the last day of grace falls on Sunday, or the fourth of July, or any other day recognized by law as a holiday, or day of public rest, the last day of grace would be a day earlier.  If the fourth of July or any other holiday should come on Saturday, the note would be due on Friday.  Or if such day should fall on Monday, the last day of grace would be Saturday.

Sec.14.  To hold the indorser of a note responsible, payment must be demanded of the maker on the last day of grace.  As to the time of day when the demand should be made, it is considered that the maker is entitled to the latest convenient time within the customary business hours of the place where the note is presented.

Sec.15.  If payment has been demanded and refused, notice thereof must be given to the indorser; and one entire day is allowed the holder to give the notice.  If the demand is made on Saturday, it is sufficient to give notice on Monday.  If the indorser resides in the same town, he may be notified personally by the holder, or by a messenger sent to his dwelling-house, where notice may be given personally, or left in a way likely to bring it to his knowledge.  If the parties reside in different towns, notice may be sent by mail; in which case, the notice must be put into the post-office, as early as the next day after the last day of grace, so as to be forwarded as soon as possible thereafter:  or notice may be sent by a private conveyance or a special messenger.

Sec.16.  If, in consequence of the removal of the maker before the note becomes due, or from any other cause, his residence is unknown, the holder must make endeavors to find it, and make the demand there; though, if he has removed out of the state, it is sufficient to present the note at his former place of residence.  If the maker has absconded, that will, as a general rule, excuse the demand.

Sec.17.  Notes, on being transferred, are guarantied by indorsement.  If a person simply writes his name on the back, he is liable as indorser only.  If he guarantees “the payment of the note,” he is generally considered liable as an original promisor.  If he guaranties the note “good,” or “collectable,” the maker, and the indorsers also, if any, must be sued, before the guarantor is liable.  Strict notice