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

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
representative capacity, he may indorse in such terms as to
negative personal liability.

64. Except where on indorsement bears date after the
maturity of the instrument, every negotiation is deemed prima
facie to have been effected before the instrument was overdue.

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
indorsement is struck out, and all indorsers subsequent to
him, ore 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 transferor had therein; and the
transferee acquires, in addition, the right to have the indorse-
ment of the transferor. ' 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.