32 BILLS OF EXCHANGE AND PROMISSORY NOTES. [ART. 13

57. A qualified indorsement constitutes the indorser a mere
assignor of the title to the instrument. It may be made by add-
ing 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.

58. Where an indorsement is conditional, a party required to
pay the instrument may disregard the condition, and make pay-
ment 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 condition-
ally.

59. Where an instrument payable to bearer, is indorsed
specially, it may, nevertheless, be further negotiated by delivery;
but the person indorsing specially is liable as indorser to only
such holders as make title through his indorsement.

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.

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.

62. Where the name of a payee or indorsee is wrongly desig-
nated or misspelled, he may indorse the instrument as therein
described, adding, if he think fit, his proper signature.

63. Where any person is under obligation to indorse in a rep-
resentative capacity, he may indorse in such terms as to negative
personal liability.

64. Except where an indorsement bears date after the matur-
ity of the instrument, every negotiation is deemed prima fade
to have been effected before the instrument was overdue.