372 ARTICLE 13.

CHAPTER IV.—Negotiation.

An. Code, sec. 49. 1904, sec. 49. 1898, ch. 119.

49. An instrument is negotiated when it is transferred from one per-
son to another in such manner as to constitute the transferee the holder
thereof.

If payable to bearer, it is negotiated by delivery; if payable to order,
it is negotiated by the indorsement of the holder completed by delivery.

An. Code, sec. 50. 1904, sec. 50. 1898, ch. 119.

50. The indorsement must be written on the instrument itself or upon
paper attached thereto. The signature of the indorser, without additional
words, is a sufficient indorsement.

This section referred to in passing upon the validity of an attestation to a
will—see notes to art. 93, sec. 332. Shane v. Wooley, 138 Md. 79.

An. Code, sec. 51. 1904, sec. 51. 1898, ch. 119.

51. The indorsement must be an indorsement of the entire instrument.
An indorsement which purports to transfer to the indorsee a part only of
the amount payable, or which purports to transfer the instrument to two
or more indorsees severally, does not operate as a negotiation of the in-
strument. But where the instrument has been paid in part, it may be in-
dorsed as to the residue.

An. Code, sec. 52. 1904, sec. 52. 1898, ch. 119.

52. An indorsement may be either special or in blank; and it may be
either restrictive or qualified, or conditional.

An. Code, sec. 53. 1904, sec. 53. 1898, ch. 119.

53. A special indorsement specifies the person to whom, or to whose
order, the instrument is to be payable; and the indorsement of such indorsee
is necessary to the further negotiation of the instrument. An indorsement
in blank specifies no indorsee, and an instrument so indorsed is payable to
bearer, and may be negotiated by delivery.

An. Code, sec. 54. 1904, sec. 54. 1898, ch. 119.

54. The holder may convert a blank indorsement into a special indorse-
ment by writing over the signature of the indorser in blank any contract
consistent with the character of the indorsement.

An. Code, sec. 55. 1904, sec. 55. 1898, ch. 119.

55. An indorsement is restrictive, which either:

1. Prohibits the further negotiation of the instrument; or

2. Constitutes the indorsee the agent of the indorser; or

3. Vests the title in the indorsee in trust for or to the use of some other
person. But the mere absence of words implying power to negotiate does
not make an indorsement restrictive.