The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-03-05

HLIumeuJ VIII ne accepted or paid, or
both, according to its tenor, and that
If it be dishonored, and the necessary
proceedings on dishonor be duly taken,
he will pay the amount thereof to
the holder, or to any subsequent in
dorser who may be compelled to pay
IL. But the drawer may insert in the
instrument an express stipulation
negatiying or limiting his own liabil-
ity to the holder.
Sec. 62. Liability of Acceptor. The
acceptor by accepting the instrument
engages that he will pay it according
to the tenor of his acceptance and
admits.
"a The existence of the drawer. the
genuineness of his signature, and his
capacity and authority to draw the in
strument; and
% The existence of the payee and
his then capacity to indorse.
Sec, So. When Person Deemed In
dorser. A person placing his sigma
ture upon an instrument otherwise
than as maker drawer or acceptor,
is deemed 10 be an indorser, unless he
clearly indicates by appropriate words
his intention to be bound in some
other capacity.
Sec. Ga. Liability of Irregular In
dorser Where a person, not other
wise a party to an instrument, places
thereon his signature in blank before
delivery. he is liable as indorser. in
accordance with the following rules:
"a If the instrument is payable to
the order of third person. he is
liable TO the payee and to all subse-
quent parties
CD If the instrument is payable to
/ the order of the maker or drawer, or
is payable TO the bearer, he is liable 10
an parties subsequent to the maker
or drawer
60 ii he signs for the accommoda-
Ton OF the payee he is liable to all
parties subsequent to the payee.
See. 60. Warranty Where Negotia-
/ tion by Delivery, ct cetera Every
person negotiating an instrument by
delivery or by qualified indorse-
ment warrants:
% That the instrument Is genuine
and in all respects what II purports
to be-
90 That he has q good title to it:
tS) That all prior parties had
capacity TO contract:
t4) That he has no knowledge OF
/ any fact which would impair the
validity Of the instrument or render
I II valueless
But when the negotiation is by de-
livery only, the warranty extends in
/ favor Of no holder other than the i'm.
/ mediate transferee,
! The provisions OF subdivision three
/ of this section do not apply to per.
sons negotiating public or corporation
securities. other than bills and notes.
Sec. &C. Liability OF General In
1orser Every indorser who indorses
without qualification warrants to all
sui sequent holders In due course:
CD The matters and things men.
toned in subdivision one. two and
three OF the next preceding section;
and
90 That the instrument is at the
time OF his Endorsement valid and
suhsisting
And in addition he engages that
on due presentmert. il shall be ac
cepted or paid or both. as the case
may be- according TO its tenor and
that if 1t be dishonored. and the neces
sary proceedings on dishonor be duly
taken, he will pay the amount there
Of to the holder or TO any subsequent
indorser who may he compelled tc
I pay it,
Sec. g. Liability Of Indorser Where
Paper Negotiable BY Delivery. Where
a person places his Endorsement on an
( instrument negotiable by delivery he
incurs all the liabilities Of an I'm
I dorser
Sec 6S Order In Which Indorsers
are Liable AS respects one another
indorsors are liable prima facie in
the order in which they indorse: but
evidence is admissible to show that
as between or among themselves they
have agreed otherwise Joint payees
or joint indorsees who indorse are
deemed to indorse jointly and sever
ally.
Sec GO. Liability Of an Agent OF
Broker. Where broker or other
agent negoriates an instrument with
ont Endorsement he incurs ell the II
abilities prescribed by section sixty
five Of this act unless he 1iscloses tn,
name of his principal. and the fact
that he is acting only as agent.