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

48. An accommodation party is one who has signed the
instrument as maker, drawer, acceptor or indorser, without
receiving value therefor, and for the purpose of lending his
name to some other person. Such a person is liable on the
instrument to a holder for value, notwithstanding such holder
at the time of taking the instrument knew him to be only an
accommodation party.
Black v. Bank of Westminster, 96 Md. 416.

CHAPTER IV—Negotiation.

49. An instrument is negotiated when it is transferred from
one person to another in such manner as. to constitute the
transferee the holder thereof.

If payable to bearer, it is negotiated by delivery; if payable
to order, it is negotiated by the indorsement of the holder
completed by delivery.

50. The indorsement must be written on the instrument
itself or upon paper attached thereto. The signature of the
indorser, without additional words, is a sufficient indorsement.

51. The indorsement must be an indorsement of the entire
instrument. An indorsement which purports to transfer to
the indorsee a part only of the amount payable, or which pur-
ports to transfer the instrument to two or more indorsees
severally, does not operate as a negotiation of the instrument.
But where the instrument has been paid in part, it may be
indorsed as to the residue.

52. Au indorsement may be either special or in blank; and
it may be either restrictive or qualified, or conditional.

53. A special indorsement specifies the person to whom, or
to whose order, the instrument is to be payable; and the indorse-
ment of such indorsee is necessary to the further negotiation of
the instrument. An indorsement in blank specifies no indorsee,
and an instrument so indorsed is payable to bearer, and may be
negotiated by delivery.

54. The holder may convert a blank indorsement into a
special indorsement by writing over the signature of the
indorser in blank any contract consistent with the character of
the indorsement.