ART. 13] LIABILITY OF PARTIES—SIGNATURE—CONSIDERATION. 29

37. No person is liable on the instrument whose signature
does not appear thereon, except as herein otherwise expressly
provided. But one who signs in a trade or assumed name will
be liable to the same extent as if he had signed in his own
name.

38. The signature of any party may be made by a duly
authorized agent. No particular form of appointment is neces-
sary f or this purpose; and the authority of the agent may be
established as in other cases of agency.

39. Where the instrument contains, or a person adds to his
signature, words indicating that he signs for or on behalf of a
principal, or in a representative capacity, he is not liable on the
instrument if he was duly authorized; but the mere addition of
words describing him as an agent, or as tilling a representative
character, without disclosing his principal, does not exempt him
from personal liability.

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.

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

42. Where a signature is forged, or made without authority of
the person whose signature it purports to be, it is wholly inoper-
ative, 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 preclu-
ded from setting up the forgery or want of authority.

CHAPTER III—Consideration of Negotiable Instalments.

43. Every negotiable instrument is deemed prima facie to
have been issued for a valuable consideration; and every person