BILLS OF EXCHANGE AND PROMISSORY NOTES. 373

An. Code, sec. 56. 1904, sec. 56. 1898, ch. 119.
56. A restrictive indorsement confers upon the indorsee the right:

1. To receive payment of the instrument;

2. To bring any action thereon that the indorser could bring;

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

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

An. Code, sec. 57. 1904, 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 indorser's
signature the words " without recourse," or any words of similar import.
Such an indorsement does not impair the negotiable character of the
instrument.

An. Code, sec. 58. 1904, 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.

An. Code, sec. 59. 1904, 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 in-
dorsing specially is liable as indorser to only such holders as make title
through his indorsement.

An. Code, sec. 60. 1904, 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.

An. Code, sec. 61. 1904, 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 either the indorsement of the bank or corporation, or the
indorsement of the officer.

An. Code, sec. 62. 1904, 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, adding, if
he think fit, his proper signature.

An. Code, sec. 63. 1904, 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.