Promissory Note — Negotiable Instrument — Acceleration of Payment.—A promissory note, payable to order, containing a provision allowing the holder, upon certain conditions, to accelerate the time for payment of the principal, is not a negotiable instrument.

Id.—Indorsement by Third Person Before Delivery—Indorser is Guarantor.—A third person who writes his name upon the back of such note prior to its delivery to the payee is a guarantor, and, as such, he became liable upon the default of his principal, without any previous demand or notice.

Id.—Defauizp in Payment of Installment—Pleading—Election to Accelerate Payment Need not be Alleged.—Where a promissory note provided that, upon default for five days in the payment of an installment of the principal, the whole of the unpaid principal and interest should forthwith become due and payable at the election of the holder of the note, it is not necessary, in an action to recover the entire amount of the note after the happening of such default, to allege or find that the plaintiff had elected, after the installment had been five days overdue, to declare the entire sum payable. The commencement of the action is, in itself, an exercise of the option and a sufficient notice thereof.

Id.—Holder of Note may Elect to Accelerate.—The provision for accelerating payment of such note is available to a holder other than the original payee.

Id.—Consideration—Compromise of Claim for Damages.—The compromise of a claim for damages made by the payee against the maker of a promissory note, and the payee’s forbearance to sue upon it, constitute a sufficient consideration for the note.

Id.—Sufficiency of Demand Compromised.—The validity of the note does not depend on any subsequent inquiry into the legal sufficiency of the demand so compromised.