The regular indorser of a negotiable promissory note is entitled to have a demand of payment made upon the maker by the holder at the date of the legal maturity of the note, whatever that may be,1 unless such a demand is excused or waived. Unlike certain bills of exchange, which, if put into circulation, may not require presentment for acceptance until after their maturity,2 a promissory note must be presented for payment as to the indorser at the date of its maturity.3 If due at a certain time, its maturity may be determined from inspection. If due upon demand, its maturity must be determined by circumstances or by the statute;4 but it seems plain that each successive indorsement is equivalent to a new demand note, and as each prior indorser is responsible to each subsequent indorser, the question of the propriety of the time of demand must be determined solely with reference to the date of the last indorsement, unless such a time has elapsed between two indorsements as to have relieved the prior of the' two indorsers, which fact would have necessarily released all indorsers prior to the one actually released.5 Indorsers after maturity are entitled to the same demand as drawers of demand bills of exchange.6

Yeaton v. Berney, 62 111. 61; Bud-weiser Brewing Co. v. Capparelli, 38 N. Y. Supp. 972. But where the maker of the note, payable at his factor's office, provided funds by settling with his factor, and there was no demand at maturity, and the factor failed, the maker of the note was held released. Charleston Banking Ass'n v. Zorn, 14 S. C. 444 (wrong because factor was maker's agent).

5 Mahan v. Waters, 60 Mo. 167. The subsequent demand must not include interest not due on account of the tender made.

1 Farmers' Bank v. Small, 2 T. B. Mon. 88. This is true as to an indorser before maturity. See note 6 for indorsers after maturity.

2 See Sec. 251, post.

3 See note 1 to Sec. 236, ante. House v. Vinton Nat. Bank, 43 Ohio St. 346; Magruder v. Union Bank, 3 Pet. 87. The same rule is held as to an assignor. Ruddell v. Walker, 7 Ark. 457; Aides v. Johnson, 1 Vt. 136. Statutes may affect this question. See Frosh v. Holmes, 8 Tex. 29. Contra to the text is Hull v. Myers, 90 Ga. 674.

4 The general rule is that a demand note is due within a reasonable time, but statutes place the apparent maturity in various instances from two weeks to six months.