e amount stated in the terms of
partnership. The other partners, called _general partners_, whose names
only are used, and who transact the business, are liable for all the
debts contracted, as in ordinary partnerships. If such partnership is to
be dissolved by act of the parties before the expiration of the term for
which it is formed, notice of dissolution must be filed and recorded,
and published in a newspaper. Such is the law in the state of New York;
and it is presumed to agree, in its most essential provisions, with the
laws of the other states in which these partnerships are authorized.

Chapter LX.

Promissory Notes.

Sec.1. A promissory _note_ is a written promise to pay a specified sum at a
certain time, to a person named, or to his order, or to the bearer. A
common form of a note is the following:

$100. Albany, June 9, 1859.

Three months after date, I promise to pay to James Smith, or
bearer, one hundred dollars, value received.

John Brown.

Sec.2. A note thus payable to Smith or bearer, or to him or his order, is
called _negotiable_, because it may be sold or transferred to any other
person, who has the same power to sue for and collect the money, as
Smith, the original promisee. If it were made payable to Smith _or
order_, he must indorse it by writing his name on the back of it, before
it would pass as a negotiable note. The indorsement is considered as the
order of Smith to the maker to pay it to any other person. But, though
not negotiable, it might be transferred; but the holder must sue in the
name of Smith, and Brown might offset any demands which he has against
Smith.

Sec.3. An indorsement, made by writing the name only on the back of a note,
is called a _blank_ indorsement. A full indorsement is one which points
out the person to whom the note is to be paid. A blank indorsement may
be filled up at any time by the holder. For example: A note is payable
to "John Jay or order," or to "the order of John Jay," who indorses it
in blank which makes it payable to any other holder. Now if any holder
or indorsee wishes it paid to any particular person, he fills up the
blank by writing a request to that effect above the name of the
indorser, thus: "Pay to George Bruce," or "Pay to George Bruce or
order;" who, again, may by indorsement order it paid to some particular
person. Or, if he should indorse it in blank, or order it paid "to the
_bearer_," it would again pas