If nothing is said about interest in the note, no interest can be collected. Again a note may go into details and specify that "the interest shall be ten per cent, payable semi-annually," provided always that the rate shall not be higher than the legal interest of the state. Excessive interest is known as "usury." It invalidates all the interest, and in some places the principal is forfeited. When the holder of an interest note receives interest payment he must record the date and sum on the back of the note. PROTESTS If a note comes due on Sunday or on a legal holiday, payment must be made on the following day. Holidays are appointed by the separate states. The United States recognizes no day as a holiday, except Sunday, and that is acknowledged through custom. It is customary for banks to notify makers of notes held by them a few days before time set for payment; but this is not required by law. If a note lies unpaid in bank the day set for payment, as soon as the office closes for regular business the note is protested. The protest is made before a notary public; he is usually an employee of the bank. In the protest formal objection is made against the breaking of the promise, and demanding that the matter be set right by the maker, or on his failure, by the indorser. The indorser, who has to pay, has a claim for the amount on the maker of the note, as he would have for money loaned or goods sold, and he can sue to collect. A note that is not paid within a fixed time is said to be "outlawed." Remember the indorser of a note must be notified within twenty- four hours of the failure of the drawer to make good. NOTICES The object in protesting a note is to fix the liability on the endorser. If there be more than one endorser notice of protest must be sent to all at the same time. It is better, where possible, to serve the notices on the indorsers in person. The payee must also be notified. ACCOMMODATIONS There is a form of note sometimes used in business which is given without any consideration on the part of the maker. This is known as an "accommodation note." The maker of such a note does not expect to pay it, nor does the man in whose favor it is drawn expect to do so. An accommodation note is an instrument by the sale of which, or through a bank, money may be raised for immediate use. The maker in this case is a friend who loans his name. As there was no value received such a note could not be collected by the payee. But if it passes into the hands of a third party, who endorses it, then the maker of the note can be compelled to pay. A LOST NOTE A note may be lost or stolen. The losing of a note does not release the maker from payment of the full amount on the date and at the place named. The loser should at once notify the maker of his loss.