Acts1 min read
Section 66Sec./Art. 66
Personal notes Saved on this device
0 / 5,000 charactersReport page issue
Answer First
Primary Text
Liability of general indorser.-Every indorser who indorses without qualification, warrants to all subsequent holders in due course-
(a) The matters and things mentioned in subdivisions (a), (&), and (c) of the next preceding section; and
(b) 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 thereof to the holder, or to any subsequent indorser who may be compelled to Pay it.
Use With Care
Definitions and exceptions often appear before or after this text.
Court decisions may interpret, limit, or apply this provision.
Confirm amendment, repeal, effectivity, and official publication.