792 FIFTY-FIFTH CONGRESS. Sess. III. Ch. 47. 1899. Second. 1f the instrument is payable to the order_ot' the maker or drawer, or is payable to bearer, he is liable to all parties subsequent to the maker or drawer. _ _ Third. If he signs for the accommodation of the payee, he is liable to all parties subsequent to the payee. _ _ wsmmy when Sec. 65. That every person negotiating an instrument by delivery or ”°¤°:,f*·*°“ "Y "°“"‘ by a qualified indorsement warrants: _ _ _ m'First. That the instrument is genuine and in all respects what it purports to be. Second. That he has a good title to it. Third. That all prior parties had capacity to contract. Fourth. That he has no knowledge of any fact which would impair the validity of the instrument or render it valueless. But when the negotiation is by delivery only, the warranty extends in favor of no holder other than the immediate transferee. ` The provisions of subdivision three of this section do not apply to persons negotiating public or corporate securities other than bills and ‘ notes. taunt, of gen¤r£ Sec. 66. That every indorser who indorses without qualification war-
- ¤*¤••*· rants to all subsequent holders in due course:
First. The matters and things mentioned in subdivisions one, two, and three of the next preceding section; and Second. That the instrument is at the time of his indorsement valid and subsisting. · . And, in addition, he engages that on due presentment it shall be accepted or paid, or both, as the case may be, according to its tenor, and that if it be dishonored and the necessary proceedings on dishonor be duly taken, he will pay the amount theieof to the holder or to any subsequent indorser who may be compelled to pay it. Lasnieyormasrm Sec. 67. That where a person places his iudorsennent on an instru-
- 'j§§{,,§”,i;,",§§’,§§,},;lf‘ ment negotiable by delivery lie incurs all the liabilities of an indorser,
or-an in which n.. Sec. 68. That as respects one another, indorsers are liable prima
- °*°°'¤"° 1********- facie in the order in which they iudorse; but evidence is admissible to
_ show that as between or among themselves they have agreed otherwise. Joint payees or joint indorsees whoindorse are deemed to indorse jointly and severally. Liabxney or agent Sec. 69. That where a broker or other agent negotiates an instru- °' "'°"°'· ment without indorsemeut, be incurs all the liabilities prescribed by . section sixty-tive of this Act, unless he discloses the name of his princi- ‘ pal, and the fact that he is acting only as agent. pagreézsntment for · . ARTICLE vi. 1*BESEN*1‘Mmu· Fon 1·AYm;mM·, ism: or want or Sec. 70. That presentment for payment is not necessarv in order t ,‘}§,'f{2,';f' °" ""“°"‘“‘ charge the person primarily liable on the instrument; but if the instru? ment is, by its terms, payable at a special place, and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to a tender of payment upon his part. But except as herein otherwise provided, presentment for payment is necessary in order to chgrge the drawer and indorsers. Where lnntrnment mc. 71. hat where the instrument is not a able on d m . §,,§‘,{Y "’“""’ °" ""‘ semment must be made on the day it falls dg; Where it isapgyfhlae on demand, presentment must be made within a reasonable time after its issue, except that in the case of a bill of exchange, presentment for payment will be sufficient if made within a reasonable time after the last negotiation thereof. V axugygpczz cme2u;;? mglrgc. 7 2. That presentment for payment, to be sufficient, must be D . ' Onlgystge holder, or by some person authorized to receive payment Second. At a reasonable hour on a business day. , Third. At a proper place, as herein detined. . Fourth. To the person primarily liable on the instrument, or, if he is
