378 ARTICLE 13.

But when the negotiation is by delivery only, the warranty extends in
favor of no holder other than the immediate transferee.

The provisions of sub-division three of this section do not apply to per-
sons negotiating public or corporate securities, other than bills and notes.

An. Code, sec. 85. 1904, sec. 85. 1898, ch. 119.

85. Every indorser who indorses without qualification warrants to all
subsequent holders in due course:

1. The matters and things mentioned in sub-divisions one, two and three
of the next preceding section ; and

2. That the instrument is at the time of his indorsement valid and
subsisting.

And, in addition, he engages that, on due presentment, it shall be ac-
cepted or paid, or both, as the case may be, according to its tenor, and that
if it be dishonored, and the necessary proceedings on dishonor be duly
taken, he will pay the amount thereof to the holder, or to any subsequent
indorser who may be compelled to pay it.

The application of this section denied where a corporation buys its own stock
for the purpose of reducing its capital stock—the same being prohibited by law—
and in part payment, gives a note which was endorsed by some of its officers.
Burke v. Smith, 111 Md. 627.

As to the warranties of a transferor of corporate stock, see art. 23, sec. 61.

An. Code, sec. 86. 1904, sec. 86. 1898, ch. 119.

86. Where a person places his indorsement on an instrument, negotiable
by delivery, he incurs all the liabilites of an indorser.

An. Code, sec. 87. 1904, sec. 87. 1898, ch. 119.

87. As respects one another, indorsers are liable prima facie in the
order in which they indorse; but evidence is admissible to show that as
between or among themselves they have agreed otherwise. Joint payees
or joint indorsees who indorse are deemed to indorse jointly and severally.

The last sentence of this section'is not applicable where the parties are not joint
payees or joint endorsees, there being no evidence that they endorsed jointly and
severally. In the absence of evidence of a special agreement, the presumption is
that endorsers agree to be severally liable; relationship between accommodation
parties. Leonard v. Union Trust Co., 140 Md. 201.

See notes to art. 13, sec. 82, and art. 50, sec. 2.

An. Code, sec. 88. 1904, sec. 88. 1898, ch. 119.

88. When a broker or other agent negotiates an instrument without
indorsement, he incurs all the liabilites prescribed by section eighty-four
of this article, unless he discloses the name of his principal, and the fact
that he is acting only as agent.

CHAPTER VII.—Presentment for Payment.

An. Code, sec. 89. 1904, sec. 89. 1898, ch. 119.

89. Presentment for payment is not necessary in order to charge the
person primarily liable on the instrument; but if the instrument is, by its
terms, payable at a special place, and he is able and willing to pay it there
at maturity, such ability and willingness are equivalent to a tender of pay-