370 ARTICLE 13.

prima jade personally liable. For the defense to prevail that the individual signed
his name merely to complete the signature of the corporation, the jury must find
that such was the understanding between the parties when the note was issued.
Belmont Dairy Co. v. Thrasher, 124 Md. 325. And see Knipp v. Bagby, 126 Md. 465.

An. Code, sec. 40. 1904, see. 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.

An. Code, sec. 41. 1904, sec. 41. 1898, ch. 119.

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

An. Code, sec. 42. 1904, 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.

CHAPTER III.—Consideration of Negotiable Instruments.

An. Code, sec. 43. 1904, sec. 43. 1898, ch. 119.

43. Every negotiable instrument is deemed prima facie to have been
issued for a valuable consideration; and every person whose signature ap-
pears thereon to have become a party thereto for value.

In a suit by an endorsee on a promissory note where a plea alleges the execution
and delivery of the note to the payee, and sets up an agreement between the maker
and the payee that the note was not to be negotiated, and that the endorsee took
the note with a knowledge of this agreement, the plea is defectivein view of this
section and sec. 45. Black v. Bank of Westminster, 96 Md. 416.

Where there is no testimony to meet the effect of this section or evidence that a
note was taken by the plaintiff under the belief that it had been issued by the cor-
poration whose name was signed to it for money due by it, the indebtedness of such
corporation was treated as established, although the answer alleged that the note
was the personal debt of an individual who signed the corporation's name without
its authority. Bear Creek Lumber Co. v. Bank, 120 Md. 568.

Under the negotiable instruments act the burden of proof is on one who alleges
that a note is invalid for want of consideration. Dever v. Silver, 135 Md. 363.

This section referred to in construing secs. 14 and 138—see notes thereto. Jamesson
v. Citizens Bank, 130 Md. 84.

See notes to sec. 47.

An. Code, sec. 44. 1904, sec. 44. 1898, ch. 119.

44. Value is any consideration sufficient to support a simple contract.
An antecedent or pre-existing debt constitutes value; and it is deemed such
whether the instrument is payable on demand or at a future time.