374 ARTICLE 13.

An. Code, sec. 64. 1904, 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.

An. Code, sec. 65. 1904, sec. 65. 1898, ch. 119.

65. Except where the contrary appears, every indorsement is presumed
prima facie to have been made at the place where the instrument is dated.

An. Code, sec. 66. 1904, sec. 66. 1898, ch. 119.

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

An. Code, sec. 67. 1904, 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 liability
on the instrument.

An. Code, sec. 68. 1904, sec. 68. 1898, ch. 119.

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

An. Code, sec. 69. 1904, 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 nego-
tiate 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.

An. Code, sec. 70. 1904, 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 instrument.

An. Code, sec. 71. 1904, sec. 71. 1898, ch. 119.

71. A holder in due course is a holder who has taken the instrument
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 without
notice that it had been previously dishonored, if such was the fact.

3. That he took it in good faith and for value.