Question 65. - Is it necessary to have proceeds cheques or debit slips, when used for the purpose, signed by the maker of a note when he received the money, or when he renews the note? Does not the term "value received" in the note make this unnecessary?

Answer. - The words "value received" on the note constitute only an acknowledgment on the part of the promissor that he has received consideration for the giving of the note and have nothing to do with the disposition of the funds arising from the discounting of it. Good practice requires that there shall be a receipt for all moneys paid and the maker should be required to give one in the instance cited.