LLOYD LOWNDES, ESQUIRE, GOVERNOR. 215

3. Tests the title in the indorsee in trust for or to the use of
some other person. But the mere absence of words implying
power to negotiate does not make an indorsement restrictive.

56. A restrictive indorsement confers upon the indorsee the
right:

1. To receive payment of the instrument;

2. To bring any action thereon that the indorser could bring;

3. To transfer his rights as such indorsee, where the form of
the indorsement authorizes him to do so.

But all subsequent indorsees acquire only the title of the
first indorsee under the restrictive indorsement.

57. A qualified indorsement constitutes, the indorser a mere
assignor of the title to the instrument. It may be made by
adding to the indorsees signature the words "without recourse,"
or any words of similar import. Such an indorsement does
not impair the negotiable character of the instrument.

58. Where an indorsement is conditional, a 'party required
to pay the instrument may disregard the condition, and make
payment to the indorsee or his transferee, whether the condi-
tion has been fulfilled or not. But any person to whom an
instrument so indorsed is negotiated, will hold the same, or the
proceeds thereof, subject to the rights of the person indorsing
conditionally.

59. Where an instrument, payable to bearer, is indorsed
specially, it may, nevertheless, be further negotiated by delivery;
but the person indorsing specially is liable as indorser to only
such holders as make title through his indorsement.

60. Where an instrument is payable to the order of two or
more payees or indorsees who are not partners, all must indorse,
unless the one indorsing has authority to indorse for the
others.

61. Where an instrument is drawn or indorsed to a person as
"cashier" or other fiscal officer of a bank or corporation, it
is deemed prima facie to be payable to the bank or corpora-
tion of which he is such officer ; and may be negotiated by
either the endorsement of the bank or corporation, or the in-
dorsement of the officer.

62. Where the name of a payee or indorsee is wrongly
designated or misspelled, he may indorse the instrument as
therein described, adding, if he think fit, his proper signa-
ture.