Page:United States Statutes at Large Volume 47 Part 1.djvu/1337

 72d CONGRESS. SESS. II. CIA. 128 . FEBRUARY 27, 1933 . axe not partners, all must indorse, unless the one indorsing has authority to indorse for the others. SEC. 1441. INDORSED TO PERSON AS " CASIIIER ." -W he re an instru- ment is drawn or indorsed to person as " cashier " or othe r fi scal officer of a bank or corporation, it is deemed prima facie to be pa y- able 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. SFc. 1442. N .1nIE MISSPELLED .-Where the name of a payee or iudorsee is wrongly designated or misspelled, lie may indorse the instrument as therein described, adding, if he thinks fit, his proper signature. SEC. 14.43 . IN REPRESENTATIVE CAPACITY .-Where any person is under obligation to indorse in a representative capacity, lie may indorse in such terms as to negative personal liability. SEC. 1444. TIME OF INDORSEMENT .-EXCept 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. SEC. 1445 . PLACE OF INDORSEMENT. - EX C e pt where the contrary appears, every indorsement is presumed prima facie to have been made at the place where the instrument is dated. SEC. 1446. CONTINUATION: An instrument negotiable in its origin continues to be negotiable until it has been restrictively indorsed or discharged by payment or otherwise. SEC. 1447 . STRIKING OUT INDORSEMENT .- -T he holder may at any time strike out any indorsement Which is not necessary to his title. The indorser whose indorsement is struck out, and all indorsers sub- serqy uent to him, are thereby relieved from liability on the instrument . SEC. 1448. TRANSFER WITHOUT INDORSEMENT.-Where the holder of an instrument payable to his order transfers it for value without indorsing it, the transfer vests in the transferee such title as the transferrer had therein, and the transferee acqu ires, in addi tion , the right to have the indorsement of the transferrer. But for the purpose of determining whether the transferee is a holder in due course, the negotiation takes effect as to the tine when the indorse- ment is actually made. SEC. 1449 . PRIOR PARTY MAY NEGOTIATE .-Where an ins trum ent is negotiated back to a prior party such party may, subject to the provisions of chapters 66 to 69 of this code, reissue and further negot iate the sam e. But he is not entitled to enforce payment thereof against any intervening party to whom he was personally liable. RIGHTS OF THE HOLDER SEC. 1450. RIGHT TO srE.-The holder of a negotiable instrument may sue thereon in his own name and payment to him in due course discharges the instrument. SEC. 1451 . HOLDER IN DUE COURSE .-A holder in due course is a hold er who has taken the instrument under the following condi tion s ~1 That it is complete and regular upon its face ; 2 That he became the holder of it before it was overdue, and without notice that it had been previously dishonored, if such was the fact ; (3) That he took it in good faith and for value ; (4 That at the time it was negotiated to him he had no notice of any infirmity in the instrument or defect in the title of the person negotiating it . 3 051 ƒ-33-83 1313 Indorsed to person as "cashier." Name misspelled. In representative ca- pacity. Time of indorse- ment. Place of indorsement . Continuation of ne- gotiabtlity . Striking out indorse- went . Transfer without in . dors emen t . Prior party may ne- goti ate . Ante, p 1307 ; post, p 132 Rights of bo lder . Tosue in own name. Holder in due course.