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INDORSER t 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. 3. 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. But see Treval v. Fitch, 5 Whart. 325; Hopkins v. Cumberland Valley R. R. Co., 3 Watts & Serg. 410. 4. When there are several indorsers, the. first in point of time is generally, but not always, first-responsible; there may be circumstances which may cast the responsibility, in the first place, as between them, on a subsequent indorsee. 5 Munf. R. 252. Source: Bouviers Law Dictionary 1856 Edition |
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