ART. 13] NEGOTIATION——RIGHTS OF HOLDER. 283

1904, art. 13, sec. 64. 1898, ch. 119.

64. Except where an indorsement bears date after the maturity of
the instrument, every negotiation is deemed prima facie to have been
effected before the instrument was overdue.

Ibid. sec. 65. 1898, ch. 119.

65. Except where the contrary appears, every indorsement is pre-
sumed prima facie to have been made at the place where the instru-
ment is dated.

Ibid. sec. 66. 1898, ch. 119.

66. An instrument negotiable in its origin continues to be negotia-
ble until it has been restrictively indorsed or discharged by payment or
otherwise.

Ibid. sec. 67. 1898, ch. 119.

67. The holder may at any time strike out any indorsement which
is not necessary to his title. The indorser whose indorsement is struck
out, and all indorsers subsequent to him, are hereby relieved from lia-
bility on the instrument.

Ibid. sec. 68. 1898, ch. 119.

68. Where the holder of an instrument payable to his order trans-
fers it for value without indorsing it, the transfer vests in the trans-
feree such title as the transferer had therein; and the transferee
acquires, in addition, the right to have the indorsement of the trans-
ferer. But for the purpose of determining whether the transferee is a
holder in due course, the negotiation takes effect as of the time when
the indorsement is actually made.

Ibid. sec. 69. 1898, ch. 119.

69. Where an instrument is negotiated back to a prior party, such
party may, subject to the provisions of this act, re-issue and further
negotiate the same. But he is not entitled to enforce payment thereof
against any intervening party to whom he was personally liable.

CHAPTER V—Rights of Holder.

Ibid. sec. 70. 1898, ch. 119.

70. The holder of negotiable instrument may sue thereon in his
own name; and payment to him in due course discharges the instru-
ment.

Ibid. sec. 71. 1898. ch. 119.

71. A holder in due course is a holder who has taken the instru-
ment under the following conditions :

1. That it is complete and regular on its face.

2. That he became the holder of it before it was overdue, and with-
out notice that it had been previously dishonored, if such was the fact.