280 BILLS OF EXCHANGE AND PROMISSOEY NOTES. [ART. 13

3. To transfer his rights as such indorsee, where the form of the
indorsement authorizes him to do so.

But all subsequent indorsees acquire only the title of the first indorsee
under the restrictive indorsement.

1904, art. 13, sec. 57. 1898, ch. 119.

57. A qualified indorsement constitutes the indorser a mere assignor
of the title to the instrument. It may be made by adding to the indors-
er's signature the words "without recourse," or any words of similar
import. Such an indorsement does not impair the negotiable character
of the instrument.

Ibid. sec. 58. 1898, ch. 119.

58. When an indorsement is conditional, a party required to pay
the instrument may disregard the condition, and make payment to the
indorsee or his transferee, whether the condition has been fulfilled or
not. But any person to whom an instrument so indorsed negotiated,
will hold the same, or the proceeds thereof, subject to the rights of the
person indorsing conditionally.

Ibid. sec. 59. 1898, ch. 119.

59. Where an instrument payable to bearer, is indorsed specially, it
may, nevertheless, be further negotiated by delivery; but the person
indorsing specially is liable as indorser to only such holders as make
title through his indorsement.

Ibid. sec. 60. 1898, ch. 119.

60. Where the instrument is payable to the order of two or more
payees or indorsees who are not partners, all must indorse, unless the
one indorsing has authority to indorse for the others.

Ibid. sec. 61. 1898, ch. 119.

61. Where an instrument is drawn or indorsed to a person as
"cashier" or other fiscal officer of a bank or corporation, it is deemed
prima facie to be payable to the bank or corporation of which he is such
officer, and may be negotiated by cither the indorsement of the bank or
corporation, or the indorsement of the officer.

Ibid. sec. 62. 1898. ch. 119.

62. Where the name of a payee or indorsee is wrongly designated
or misspelled, he may indorse the instrument as therein described, add-
ing, if he think fit, his proper signature.

Ibid. sec. 63. 1898. ch. 119.

63. Where any person is under obligation to indorse in a representa-
tive capacity, he may indorse in such terms as to negative personal
liability.