Document ID: chunk:federal_register_of_legislation:C2012C00128:section:63
Version: federal_register_of_legislation:C2012C00128
Segment Type: section
Provision Reference: s 63
Character Range: 55149–55744

63  Transferor by delivery and transferee

 (1) Where the holder of a bill payable to bearer negotiates it by delivery without indorsing it, he or she is called a transferor by delivery.

 (2) A transferor by delivery is not liable on the instrument.

 (3) A transferor by delivery who negotiates a bill thereby warrants to his or her immediate transferee being a holder for value that the bill is what it purports to be, that he or she has a right to transfer it, and that at the time of transfer he or she is not aware of any fact which renders it valueless.

Division 7—Discharge of bill