te 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 guara