firmity in the
note or defect in the title of the person negotiating it. A note
therefore, providing that any delinquency in the payment of interest
"shall cause the whole note to immediately become due and collectable"
is made overdue by the maker's failure to pay the interest when due,
and a subsequent taker cannot be a holder in due course.

To constitute notice of an infirmity in a note or defect in the title
of the person negotiating it, the person to whom it is negotiated must
have had such actual knowledge of the infirmity or defect that his
action in taking the note amounted to bad faith, but merely suspicious
circumstances are not enough to put a prudent man on inquiry.

On the other hand if the purchaser does suspect and fails to
investigate, lest a defense be disclosed to the maker of the note, he
is not a purchaser in good faith. The maker of a note engages that he
will pay it according to its terms and admits the signature of the
payee and his capacity to indorse, and engages that on due
presentation the draft will be accepted or paid or both, according to
its terms, and that if it is dishonored, and the needful proceedings
in consequence are taken, he will pay the amount. A person placing his
signature on a note otherwise than as maker, drawer or acceptor is
deemed to be an indorser unless he clearly indicates his intention to
be bound in some other way. The Negotiable Instruments Act fixes the
liability of a person who is not a party to a note, and who indorses
it before delivery. The law was in great confusion before this act
established a definite rule. Such a person is now liable as indorser
in accordance with the following rules: (a) if the note is payable to
the order of a third person, he is liable to the payee and to all
subsequent parties; (b) if payable to the order of the maker or
drawer, or if payable to bearer he is liable to all parties subsequent
to the maker or drawer; (c) if he signs for the accommodation of the
payee he is liable to all parties subsequent to the payee.

Presentment for payment is not necessary in order to charge the person
primarily liable on a note, but if it is payable at a mentioned place
and he is able and willing to pay it there at maturity, such action is
equivalent to a tender of payment on his part. Presentment for
payment, of course, is needful to charge the drawee and indorsers.
When the note is not payable on demand, presentment must be made on
the day it fa