ART. 13] SIGNATURE——CONSIDERATION. 333

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 cose 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, not-
withstanding 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
inoperative, 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 signa-
ture, unless the party, against whom it is sought to enforce
such right, is precluded from setting up the forgery or wont of
authority.

CHAPTER III—Consideration of Negotiable Instruments.

43. Every negotiable instrument is deemed prima fade to
have been issued for a valuable consideration; and every
person whose signature appears thereon to have become a
party thereto for value.

Black v. Bank of Westminster, 96 Md. 416.

44. Value is any consideration sufficient to support a simple
contract. An antecedent or pre-existing debt constitutes value;
and it is deemed such whether the instrument is payable on
demand or at a future time.

45. Where value has at any time been given for the instru-
ment, the holder is deemed a holder for value in respect to all
parties who became such prior to that time.

Black v. Bank of Westminster, 96 Md. 416.

46. Where the holder has a lien on the instrument arising
either from contract or by implication of law, he is deemed a
holder for value to the extent of his lien.

47. Absence or failure of consideration is matter of defense
as against any person not a holder in due course; and partial
failure of consideration is a defense pro tanto, whether the
failure is an ascertained and liquidated amount or otherwise.