216 LAWS OF MARYLAND.

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 an indorsement bears date after the matu-
rity 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 in-
dorsement is struck out, and all indorsers subsequent to him,
are 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 bad 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 whea 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.

CHAPTER V.

RIGHTS OF HOLDER.

Index to Chapter V.

70. Right of holder to sue; payment. 71. What constitutes a holder in due course. 72. When person not deemed holder in due course. 78. Notice before full amount paid. 74. When title defective.

75. What constitutes notice of defect. 76. Rights of holder in due course. 77. When subject to original de- fenses. 78. Who deemed holder in due course.

70. The holder of negotiable instrument may sue thereon in
his own name; and payment to him in due course dis-
charges the instrument.