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order of such person, and in the latter case payable to the bearer. En. March 21, 1872.

Cal.Rep.Cit. 61, 347.

§ 3102. Unindorsed note, when negotiable. A negotiable instrument, made payable to the order of the maker, or of a fictitious person, if issued by the maker for a valid consideration, without indorsement, has the same effect against him and all other persons having notice of the facts as if payable to the bearer. En. March 21, 1872.

Cal.Rep.Cit. 54, 110.
Fictitious payee: See next section.
Payee generally: See ante, sec. 3089.
8 3103. Fictitious payee.

A negotiable instrument, made payable to the order of a person obviously fictitious, is payable to the bearer. En. March 21, 1872.

$ 3104. Presumption of consideration. The signature of every drawer, acceptor, and indorser of a negotiable instrument is presumed to have been made for a valuable consideration, before the maturity of the instrument, and in the ordinary course of business. En. March 21, 1872.

Cal.Rep.Cit. 64, 413; 64, 415; 106, 655.

ARTICLE III.

3108. 3109. 3110.

3111. $ 3112. § 3113.

3114. $ 3115.

3116. $ 3117. $ 3118. $ 3119. $ 3120. 8 3121. § 3122. § 3123.

3124. 3125.

INDORSEMENT.
Indorsement, what.
Agreement to indorse.
When may be made on separate paper.
Kinds of indorsement.
General indorsement, what.
Special indorsement, what.
General indorsement, how made special.
Destruction of negotiability by indorser.
Implied warranty of indorser.
Indorser, when liable to payee.
Indorsement without recourse.
Same.
Indorsee privy to contract.
Rights of accommodation indorser. (Repealed.)
Effect of want of consideration.
Indorsee in due course, what.
Rights of indorsee in due course.
Instrument left blank.

8 3108. Indorsement, what. One who writes his name apon a negotiable instrument, otherwise than as a maker

or acceptor, and delivers it with his name thereon, to another person, is called an indorser, and his act is called indorsement. En. March 21, 1872. Cal.Rep.Cit. 56, 445; 62, 487; 77, 478; 87, 617; 94, 104;

106, 211; 123, 217. Indorser before delivery: See sec. 3117.

$3109. Agreement to indorse. One who agrees to indorse a negotiable instrument is bound to write his signature upon the back of the instrument, if there is sufficient space thereon for that purpose. En. March 21, 1872.

Cal.Rep.Cit. 87, 617.

$ 3110. When may be made on separate paper. When there is not room for a signature upon the back of a negotiable instrument, a signature equivalent to an indorsement thereof may be made upon a paper annexed thereto. En. March 21, 1872.

Cal.Rep.Cit. 87, 617; 126, 110.

$ 3111. Kinds of indorsement. An indorsement may be general or special. En. March 21, 1872.

$ 3112. General indorsement, what. A general indorsement is one by which no indorsee is named. En. March 21, 1872.

§ 3113. Special indorsement, what. A special indorsement specifies the indorsee. En. March 21, 1872.

$ 3114. General indorsement, how made special. А negotiable instrument bearing a general indorsement cannot be afterward spe lly indorsed; but any lawful holder may turn a general indorsement into a special one, by writing above it a direction for payment to a particular person. En. March 21, 1872.

$ 3115. Destruction of negotiability by indorser. A special indorsement may, by express words for that purpose, but not otherwise, be so made as to render the instrument not negotiable. En. March 21, 1872.

$ 3116. Implied warranty of indorser. Every indorser of a negotiable instrument, unless his indorsement is qualified, warrants to every subsequent holder thereof, who is not liable thereon to him:

1. That it is in all respects what it purports to be. 2. That he has a good title to it.

3. That the signatures of all prior parties are binding upon them.

4. That if the instrument is dishonored, the indorser will, upon notice thereof duly given to him, or without notice, where it is excused by law, pay the same with interest, unless exonerated under the provisions of sections thirty-one hundred and eighty-nine, thirty-two hundred and thirteen, thirty-two hundred and forty-eight, or thirty-two hundred and fifty-five. En, March 21, 1872. Am'd. 1873-4, 263. Cal.Rep. Cit. 56, 445; 81, 510; 103, 324. Subd. 1–132, 482.

Subd. 4-134, 242. Between the engagements of maker and acceptor and of drawer and indorser this distinction exists, that the contract of the maker and acceptor is absolute to pay at maturity, and no presentment is necessary to charge them: Post, sec. 3130; while the contract of the drawer and indorser is conditional, being contingent upon the true presentment at maturity, and due notice in case it is not paid: Post, secs. 3141-3151; unless a sufficient cause intervene excusing the holder from the performance of this duty: Post. secs. 3155-3160.

Want or failure of consideration: See post, .sec. 3122 and note.

Acceptance of bill of exchange admits genuineness of drawer's signature: See post, sec. 3199.

Drawer of bill of exchange on acceptance has rights of a first indorser: See post, sec. 3177.

8 3117. Indorser, when liable to payee. One who indorses a negotiable instrument before it is delivered to the payee is liable to the payee thereon, as an indorser. En. March 21, 1872. Cal.Rep.Cit. 62, 487; 77, 478; 87, 617; 94, 104; 120, 689;

120, 690; 120, 691; 132, 482; 133, 576. Indorser defined: Sec. 3108.

§ 3118. Indorsement, without recourse. An indorser may qual his indorsement with the words, "without recourge," or equivalent words; and upon sucb indorse

ment, he is responsible only to the same extent as in the case of a transfer without indorsement. En. March 21, 1872.

8 3119. 'Same. Except as otherwise prescribed by the last section, an indorsement, without recourse, has the same effect as any other indorsement. En. March 21, 1872.

§ 3120. Indorsee privy to contract. An indorsee of a negotiable instrument has the same rights against every prior party thereto that he would have had if the contract had been made directly between them in the first instance. En. March 21, 1872.

Collateral security, etc.: Ante, sec. 2936.

§ 3121. Rights of accommodation indorser. (Repealed). En. March 21, 1872. Rep. 1873-4, 263.

$ 3122. Effect of want of consideration. The want of consideration for the undertaking of a maker, acceptor, or indorser, of a negotiable instrument does not exonerate him from liability thereon to an indorsee in good faith for a consideration. En. March 21, 1872.

Cal.Rep.Cit. 64, 413; 83, 175; 106, 655.
Writing imports consideration: Sec. 1614.

$ 3123, Indorsee in due course, what. An indorsee in due course is one who, in good faith, in the ordinary course of business, and for value, before its apparent maturity or presumptive dishonor, and without knowledge of its actual dishonor, acquires a negotiable instrument duly indorsed to him, or indorsed generally, or payable to the bearer. En. March 21, 1872.

Cal.Rep.Cit. 68, 548; 69, 144; 83, 175; 106, 655; 128, 320.
Presumptive dishonor: See sec. 3133.

Checks are an exception to the rule of "after maturity": Sec. 3255, subd. 2.

§ 3124. Rights of indorsee in due course: An indorsee of a negotiable instrument, in due course, acquires an absolute title thereto, so that it is valid in his hands, notwithstanding any provision of law making it generally void or voidable, and notwithstanding any defect in the title of the person from whom he acquired it. En. March 21, 1872.

Cal.Rep.Cit. 69, 144 ; 106, 655; 128, 320.

Assignment, effect on defense: See Code Civ. Proc., sec. 368.

Non-negotiable instruments, assignments of: Ante, sec. 1459.

§ 3125. Instrument left blank. One who makes himself a party to an instrument intended to be negotiable, but which is left wholly or partly in blank, for the purpose of filling afterwards, is liable upon the instrument to an indorsee thereof in due course, in whatever manner and at whatever time it may be filled, so long as it remains negotiable in form. En. March 21, 1872.

ARTICLE IV.

PRESENTMENT FOR PAYMENT. $ 3130. Effect of want of demand on principal debtor. $ 3131. Presentment, how made.

3132. Apparent maturity, when. § 3133. Presumptive dishonor of bill, payable after sight.

3134. Apparent maturity of bill, payable at sight. 8 3135. Apparent maturity of note.

3136. Same. $ 3137. Surrender of instrument, when a condition of payment.

$ 3130. Effect of want of demand on principal debtor. It is not necessary to make a demand of payment upon the principal debtor in a negotiable instrument in order to charge him; but if the instrument is by its terms payable at a specified place, and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to an order of payment upon his part. En. 'March 21, 1872.

Cal.Rep.Cit. 79, 229; 82, 33; 131, 191.

Presentment of bill of exchange for acceptance: Post, secs. 3185 et seq.

Presentment of bill of exchange for payment: Post, secs. 3211 et seq.

Presentment in case of acceptance for honor: Post, secs. 3206, 3207.

$ 3131. Presentment, how made. Presentment of a negotiable instrument for payment, when necessary, must

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