Page:United States Statutes at Large Volume 77.djvu/714

 682

PUBLIC LAW 88-243-DEC. 30, 1963

[77 STAT.

(a) the burden of establishing it is on the party claiming under the signature; but (b) the signature is presumed to be genuine or authorized except where the action is to enforce the obligation of a purported signer who has died or become incompetent before proof is required. (2) t\rhen signatures are admitted or established, production of the instrument entitles a holder to recover on it unless the defendant establishes a defense. (3) After it is shown that a defense exists a person claiming the rights of a holder in due course has the burden of establishing that he or some person under whom he claims is in all respects a holder in due course. PART 4—LIABILITY OF PARTIES §28:3—401. Signature (1) No person is liable on an instrument unless his signature appears thereon. (2) A signature is made by use of any name, including any trade or assumed name, upon an instrument, or by any word or mark used in lieu of a written signature. § 28:3—402. Signature in ambiguous capacity Unless the instrument clearly indicates that a signature is made in some other capacity it is an indorsement. § 28:3—403. Signature by authorized representative (1) A signature may be made by an agent or other representative, and his authority to make it may be established as in other cases of representation. "No particular form of appointment is necessary to establish such authority. (2) An authorized representative who sigiis his own name to an instrument (a) is personally obligated if the instmment neither names the person represented nor shows that the representative signed in a representative capacity; (b) except as otherwise established between the immediate parties, is personally obligated if the instrument names the person represented but does not show that the representative signed in a representative capacity, or if the instrument does not name the person represented but does show that the representative signed in a representative capacity. (8) Except as otherwise established the name of an organization preceded or followed by the name and office of an authorized individual is a signature made in a representative capacity. §28:3—404. Unauthorized signatures (1) Any unauthorized si^ature is wholly inoperative as that of the person whose name is signed unless he ratifies it or is precluded from denying it; but it operates as the signature of the unauthorized signer in favor of any person who in good faith pays the instrument or takes it for value. (2) Any unauthorized signature may be ratified for all purposes of (his article. Such ratification does not of itself affect any rights of the person ratifying against the actual signer.

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