AET. 13] FORM AND INTERPRETATION. 277

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 endorser;

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.

1904, art. 13, sec. 37. 1898, ch. 119.

37. No person is liable on the instrument whose 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.

Ibid. sec. 38. 1898, ch. 119.

38. The signature of any party may be made by a duly authorized
agent. No particular form of appointment is necessary for this pur-
pose; and the authority of the agent may be established as in other
oases of agency.

Ibid. sec. 39. 1898, ch. 119.

39. Where the instrument contains, or a person adds to his signa-
ture, 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.

Ibid. sec. 40. 1898. ch. 119.

40. 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.

Ibid. sec. 41. 1898, ch. 319.

41. The indorsement or assignment of the instrument by a corpora-
tion or by an infant passes the property therein, notwithstanding that
from want of capacity the corporation or infant may incur no liability
thereon.

Ibid. sec. 42. 1898. ch. 119.

42. Where a signature is forged, or made without 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.