MARVIN MANDEL, Governor

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whom he claims is in all respects a holder in due coarse.
SUBTITLE 4. LIABILITY OF PARTIES.
3-401. Signature.

(1)   No person is liable on an instrument unless his
signature appears thereon.

(2)    A signature is made by use of any name,
including any trade or assumed name, upon an instrument,
or by any word or Bark used in lieu of a written
signature.

3—402. Signature in ambiguous capacity.

Unless the instrument clearly indicates that a
signature is made in some other capacity it is an
indorsement.

3—403. Signature by authorized representative.

(1)   A signature may be made by an agent or other
representative, and his authority to make it may be
established as in other cases of representation. No
particular form of appointment is necessary to establish
such authority.

(2)   An authorized representative who signs his own
name to an instrument

(a)   Is personally obligated if the instrument
neither names the person represented nor shows that the
representative signed in a representative capacity;

(b)   Except as otherwise established between
the immediate parties, is personally obligated if the
instrument names the person represented but does not show
that the representative signed in a representative
capacity, or if the instrument does not name the person
represented but does show that the representative signed
in a representative capacity.

(3)    Except as otherwise established the name of an
organization preceded or followed by the name and office
of an authorized individual is a signature made in a
representative capacity.

3—404. Unauthorized signatures.

(1) Any unauthorized signature is wholly
inoperative as that of the person whose name is signed
unless he ratifies it or is precluded from denying it;
but it operates as the signature of the unauthorized