Page:United States Statutes at Large Volume 31.djvu/1452

 1400 FIFTY-SIXTH CONGRESS. sms. 11. ou. 854. 1901. _ and the indorsement of such indorsee is necessary to the further nego- "‘“ bl°“k· tiation of the instrument. An indorsement in blank specifies no indorsee, and an instrument so indorsed is payable to bearer and may be negotiated by delivery. b,ggg*§{:;b§li¢>‘. lei Sec. 1339. The holder may convert a blank indorsement into a spe- .p€C18. 111- · . • • • . . amsemem. cial indorsement by writing over the signature of the indorser in blank ` any contract consistent with the character of the indorsement. mgggtfisiire i¤d<¤S€· SEo. 1340. Rnsrmorrvn 1N1>oRsEMENcr.—Anindorsement is restrict- ` ive which either- First. Prohibits the further negotiation of the instrument; or, Second. Constitutes the indorsee the agent of the indorser; or, Third. Vests the title in the indorsee in trust for or to the use of some other person. But the mere absence of words implying power to negotiate does not make an indorsement restrictive. —“gh*S °°¤‘°"€d by- Sino. 1341. A restrictive indorsement confers upon the indorsee the ri t—— gFirst. To receive payment of the instrument. Second. To bring any action thereon that the indorser could bring. Third. To transfer his rights as such indorsee where the form of the indorsement authorizes him to do so. But all subsequent indorsees acquire only the title of the first indorsee _ _ under the restrictive indorsement. m§,§‘§h“"d ‘“d°”" Sec. 1342. QUALIFIED 1NDoBsEMENr.—A qualified indorsement constitutes the indorser a mere assignor of the title to the instrument. It may be made by adding to the indorser’s signature the words " without recourse," or any words of similar import. Such an indorse- _ _ ment does not impair the negotiable character of the instrument. m§g§d‘*‘°“°1i“d°”° SEo. 1343. CONDITIONAL INDORSEMENT.——\7lrTl1€l`€ an indorsement is conditional, a party required to pay the instrument may disregard the condition and make payment to the indorsee or his transferee, whether the condition has been fulfilled or not. But any person to whom an instrument so indorsed is negotiated will hold the same, or the proceeds _ _ thereof, subject to the rights of the person indorsing conditionally. w%‘§§“““,‘§§,?;§,§§‘°‘§f; Sec. 1344. SPECIAL INDORSEMENT, WHEN PAYABLE TO BEARER.— bww- Where an instrument payable to bearer is indorsed specially it may, nevertheless, be further negotiated by delivery; but the person indorsing specially is liable as indorser to only such holders as make title through his indorsement. p&*Q‘gj,‘gs_P¤Y€€S ¤<>* Sec. 1345. Jomzr 1>AYEEs Nor 1·ABrNEBs.———Where an instrument is payable to the order of two or more payees or indorsees who are not partners all must indorse, unless the one indorsing has authority to indorse for the others. i€;°§Y“bl"’ to "<>¤S¤— Sec. 1346. PAYABLE TO CASHIFlR.·—·VVh€l`€ an instrument is drawn ` or indorsed to a person as “C8.Sh1€1’” or other fiscal officer of a bank or corporation, it is deemed prima facie to be payable to the bank or corporation of which he is such officer, and may be negotiated by either the indorsement of the bank or corporation or the indorsement . of the officer. P=¤>‘<=€’S ¤¤¤¤€ mis- SEo. 1347. PAYEE7S NAME MISSPELLED.—\Vh€1`€ the name of a payee spelled. . . . . . or indorsee is wrongly designated or misspelled he may mdorse the instrument as therein described, adding, if he think fit, his proper signature. m;§g€;;g¤é¤€¤tb>‘r¢e Sec. 1348. INDORSEMEENT BY REPRESENTATIVE.-—`lfl7h€T€ any person ~` is under obliglation to indorse in a representative capacity he may _ indorse in suc terms as to negative personal liability. Pr€$¤mr>¤<>¤ <>f me- Sec. 1349. PREsUMr·r1oN or NEGOTIATION BEFORE MArUBrrY.———Except gOT.1HY1OI1 l)€fOI'€ H1B.· • " . . runny. — where an indorsement bears date after the maturity of the instrument, every negotiation is deemed prima facie to have been effected before the instrument was overdue.