Page:United States Statutes at Large Volume 76A.djvu/338

–242– -242(4) where there is a conflict between the written and printed provisions of the instrument, the written provisions prevail; (5) where the instrument is so ambiguous that there is doubt whether it is a bill or note, the holder may treat it as either at his election; (6) where a signature is so placed upon the instrument that it is not clear in what capacity the person making the same intended to sign, he is to be deemed an indorser; (7) where an instrument containing the words "I promise to pay" is signed by two or more persons, they are deemed to be jointly and severally liable thereon. § 4318. Liability of signatories; signature in trade or assumed name A person is not liable on the instrument if his signature does not appear thereon, except as herein otherwise expressly provided. But one who signs in a trade or assumed name will be liable to the same extent as if he had signed in his own name. § 4319. Signature by agent; authority; proof The signature of a party may be made by an authorized agent. A particular form of appointment is not necessary for this purpose; and the authority of the agent may be established as in other cases of agency. § 4320. Liability of person signing as agent, etc. Where the instrument contains or a person adds to his signature words indicating that he signs for or on behalf of a principal, or in a representative capacity, he is not liable on the instrument if he was duly authorized; but the mere addition of words describing him as an agent, or as filling a representative character, without disclosing his principal, does not exempt him from personal liability. § 4321. Signature by procuration A signature by "procuration" operates as notice that the agent has but a limited authority to sign, and the principal is bound only in case the agent in so signing acted within the actual limits of his authority. § 4322. Indorsement or assignment by corporation or infant The indorsement or assignment of the instrument by a corporation or by an infant passes the property therein, notwithstanding that from want of capacity the corporation or infant may incur no liability thereon. § 4323. Forged signature Wlien a signature is forged or made without the authority of the person whose signature it purports to be, it is wholly inoperative, and no right to retain the instrument, or to give a discharge therefor, or to enforce payment thereof against any party thereto, can be acquired through or under such signature, unless the party, against whom it is sought to enforce such right, is precluded from setting up the forgery or want of authority. Article B—Consideration § 4331. Presumption of consideration A negotiable instrument is deemed prima facie to have been issued for a valuable consideration; and every person whose signature appears thereon to have become a party thereto for value.

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