s, as at first, by mere delivery.

Sec.4. In common business transactions in the country, notes intended to be
negotiable are usually made payable to bearer, as in the form given.
(Sec.1.) The young reader, or other person inexperienced in business, may
not know why they are not always so written. The making of a note
payable to order protects the holder or owner in case the note should be
lost. Take, for example, the note supposed in the preceding section,
indorsed in blank. Suppose the owner resides in Buffalo, and the maker
in Detroit. The owner writes over the name of John Jay, "Pay to George
Bruce," also residing in Detroit, to whom it is sent by mail, to be by
him presented to the maker for payment. And should the note by accident
or fraud fall into the hands of another, it being payable to Bruce only,
or to his order, the parties are protected from loss.

Sec.5. As a contract is not binding without a valuable consideration,
(Chap. LIV, Sec.6,) the words "value received" are inserted in notes, as
evidence of such consideration. But where there is no statute requiring
the insertion of these words, a note is good without them. Whether they
are inserted or not, the note is presumed to have been given for a
valuable consideration; and the maker, to avoid his obligation to pay
it, must make it appear that no value was received.

Sec.6. A note made by two or more persons may be joint or joint or several.
When it is written, "We promise to pay," it is only a joint note, and
all must be sued together. If written, "We jointly and severally promise
to pay," they may be sued either jointly or separately. Also if written
"I promise to pay," it is treated as a joint and several note. A note
written, "We promise," and signed, A. B., principal, and C. D.,
security, is the joint note of both; and if written, "I promise," and
signed in the same manner, it is the joint and several note of both.

Sec.7. Any person having in possession a negotiable note, though a mere
agent, is deemed the true owner, and may sue it in his own name, without
showing title. The _bona fide_ holder can recover upon the paper, though
it came to him from a person who had stolen or robbed it from the true
owner; provided he took it innocently in the course of trade for a
valuable consideration before it was due, and with due caution. But if
suspicion is cast upon the title of the holder, by showing that the
instrument has got into circulation by force or f