214 LAWS OF MARYLAND.

56. Effect of restrictive indorse- ment ; rights of indorser. 57. Qualified indorsement. 58 nditional indorsement. 59. Indorsement of instrument pay- able to bearer. 60. Indorsement when payable to two or more persons. 61. Effect of instrument drawn or indorsed to a person as cashier, 62. Indorsement where name is mis- spelled, et cetera.

63. Indorsement in representative capacity. 64. Time of indorsement ; presump- tion. 65. Place of indorsement ; presump- tion. 66. Continuation of negotiable character. 67. Striking out indorsement. 68. Transfer without indorsement ; effect of. 69, When prior party may negoti- ate instrument.

49. An instrument is negotiated when it is transferred from
one person to another in such manner as to constitute the trans-
feree 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 com-
pleted 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 sev-
erally, 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. An 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.

55. An indorsement is restrictive, which either:

1. Prohibits the further negotiation of the instrument; or

2. Constitutes the indorsee the agent of the indorser; or