We have thus far omitted mention of bank checks, a very important business medium. The element of time thrown aside, and the most that we have said regarding notes and bills, may be applied to checks, which in reality are bills or drafts payable at sight without grace. In case of non-acceptance of a bill when presented, or non-payment of the same, or of note, when due, that the drawer in the first instance and indorsers, if any, in the latter may be holden to its payment, resort is ordinarily had to “protest,” which signifies that acceptance or payment having been legally demanded of parties primarily liable, and refused, notice is given the other parties to the paper, of such refusal, by a notary public, who attaches a certificate to the bill or note, stating fact of such demand and refusal. This may be avoided in the case of indorsers by their “waiving demand and notice” at the time of indorsement. In writing commercial paper remember: That the three days of grace allowed are not included in the time written; That, unless otherwise specified, tender of payment must be made at payee’s place of business; That interest is not collectible, unless specified, until after maturity; That the amount written and in figures should be the same; That commercial paper without a date falls due never. Interest. A common and very acceptable definition of interest is, “a compensation paid for the use of money.” Like other transactions this may be subject to contract agreement, to an extent however, varying in the different states. In most of the states the ability of parties to contract in the matter of interest rates, has been placed under some restraint; that is, most of the states have adopted a “legal rate,” declaring thereby what amount of money shall be paid for the use of money. The reason why the states have assumed to dictate to parties the conditions of their interest contracts is to relieve the borrowers of the hardship of excessive rates, which, sometimes by reason of pecuniary embarrassments they would be, and are, notwithstanding inhibitions on statute books, forced to pay; and further to have a recognized standard rate for contracts where there is no agreement, which last is a very salutary provision. Upon what is interest payable? It is payable on loans, secured or unsecured, as per individual contracts, secured as loans on mortgage security; unsecured, represented partly by notes. Again, running accounts between merchants are adjusted on the basis of an interest account, he paying interest against whom the balance is found; simple indebtedness, past due, creates a legitimate interest claim; sales of merchandise, from time of sale, if no credits are given, if there are credits then from time of their expiration; also debts on which court judgment has been secured. Time notes, as has been already observed, do not begin to draw interest until maturity, unless it be especially mentioned; demand notes not until after demand.