This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
A promise to pay a certain sum and all taxes assessed against the realty mortgaged to secure such debt,1 or to pay interest and taxes on the note itself,2 is not negotiable. A provision in a note to the effect that the maker will pay the taxes assessed upon the note or upon the mortgage which secures it, renders such note non-negotiable,3 even though no such tax is in fact assessed.4
 
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