indorser

The undertaking, however, of the indorser of a negotiable note is only to pay it in case the maker does not, and he is immediately notified of this default.

The person who makes an indorsement.

The person who makes an Indorsement. By section 154, a person placing his signature upon an Instrument otherwise than as maker, drawer or acceptor, is deemed to be an indorser, unless he clearly indicates by appropriate words his Intention to be bound in some other capacity. Neg, Instr. Act § 154. The Indorser of a bill of exchange, or other negotiable paper, by his Indorsement undertakes to be responsible to the holder for the amount of the bill or note, if the latter shall make a legal demand from the payer, and, in default of payment, give proper notice thereof to the indorser. But the the bill If the condition be performed; or he may make It qualified, so that he shall not be responsible on non-payment by the payer; Ohitty, Bills 179, 180. To make an Indorser liable on his Indorsement to parties subsequent to his own indorsee, the instrument must be commercial paper; for the indorsement of a bond or single bill will not, per ae, create a responsibility; Folwell V. Beaver, 13 S. & R. (Pa.) 311. See Story, Bills 202; Evans v. Gee, 11 Pet. (U. S.) 80, 9 L. Ed. 639. When there are several Indorsers, the first In point of time is generally, but not always, first responsible; there may be circumstances which will cast the responsibility, In the first place, as between them, on a subsequent indorsee; Chalmers v. Mc Murdo, 5 Munf. (Va.) 252, 7 Am. Dec. 684; Khlnehart v. Schall, 69 Md. 352, 16 Atl. 126; Sweet v. Woodln, 72 Mich. 393, 40 N. W. 471. The fact that an Indorsee, when he puts his name on a draft, did not think It would render him liable as an Indorser, will not relieve him; First Nat. Bank v. Crabtree, 86 la. 731, 52 N. W. 559. Where the owner and holder of a promissory note after maturity sells and Indorses the note, signing his name after that of the original payee, he is an indorser and not a Joint maker; Lank V. Morrison, 44 Kan. 594, 24 Pac. 1106.

endorser, Indossans, I. I. The person by whom a biU, note or check is indorsed,

He who indorses; i. e., being the payee or holder, writes his name on the back of a bill of exchange, etc.

contracts, is_ the person who makes an indorsement. The indorser of a bill of exchange or other negotiable paper by. his indorsement undertakes to be responsible to the holder for the amount of the bill or note if the latter shall make a legal demand from the payer, and, in default of payment give proper notice thereof to the indorser. But the indorser may make his indorsement conditional, which will operate as a transfer of the bill, if the condition be performed; or he may make it qualified, so that he shall not be responsible on non-payment by the payer. Chitty on Bills, 179,180. To make an indorser liable on his indorsement, the instrument must be commercial paper, for the indorsement of a bond or single bill will not, per se, create a responsibility. 13 Serg. & Rawle, 311. —