ART. 13] INDORSEMENT—RIGHTS OP HOLDER. 33

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

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

67. The holder may at any time strike out any indorsement
which is not necessary to his title. The indorser whose indorse-
ment is struck out, and all indorsers subsequent to him, are
hereby relieved from liability on the instrument.

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 transferer had therein; and the
transferee acquires, in addition, the right to have the indorse-
ment of the transferer. But for the purpose of determining
whether the transferee is a holder in due course, the negotia-
tion takes effect as of the time when the indorsement is actually
made.

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 negotiate 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.

70. The holder of negotiable instrument may sue thereon in
his own name; and payment to him in due course discharges the
instrument.

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.
3