n accordance with the authority given:
(a) A party who signed the instrument before the completion may invoke such lack of authority as a defence against a holder who had knowledge of such lack of authority when he became a holder;
(b) A party who signed the instrument after the completion is liable according to the terms of the instrument so completed.
CHAPTER III - TRANSFER
Article 13
An instrument is transferred:
(a) By endorsement and delivery of the instrument by the endorser to the endorsee; or
(b) By mere delivery of the instrument if the last endorsement is in blank.
Article 14
1.- An endorsement must be written on the instrument or on a slip affixed thereto ("allonge"). It must be signed.
2.- An endorsement may be:
(a) In blank, that is, by a signature alone or by a signature accompanied by a statement to the effect that the instrument is payable to a person in possession of it;
(b) Special, that is, by a signature accompanied by an indication of the person to whom the instrument is payable.
3.- A signature alone, other than that of the drawee, is an endorsement only if placed on the back of the instrument.
Article 15
1.- A person is a holder if he is:
(a) The payee in possession of the instrument; or
(b) In possession of an instrument which has been endorsed to him, or on which the last endorsement is in blank, and on which there appears an uninterrupted series of endorsements, even if any endorsement was forged or was signed by an agent without authority.
2.- If an endorsement in blank is followed by another endorsement, the person who signed this last endorsement is deemed to be an endorsee by the endorsement in blank.
3.- A person is not prevented from being a holder by the fact that the instrument was obtained by him or any previous holder under circumstances, including incapacity or fraud, duress or mistake of any kind, that would give rise to a claim to, or a defence against liability on, the instrument.
Article 16
The holder of an instrument on which the last endorsement is in blank may:
(a) Further endorse it either by an endorsement in blank or by a special endorsement;
(b) Convert the blank endorsement into a special endorsement by indicating in the endorsement that the instrument is payable to himself or to some other specified person; or
(c) Transfer the instrument in accordance with subparagraph (b) of article 13.
Article 17
1.- If the drawer or the maker has inserted in the instrument such words as "not negotiable", "not transferable", "not to order", "pay (X) only", or words of similar import, the instrument may not be transferred except for purposes of collection, and any endorsement, even if it does not contain words authorizing the endorsee to collect the instrument, is deemed to be an endorsement for collection.
2.- If an endorsement contains the words "not negotiable", "not transferable", "not to order", "pay (X) only", or words of similar import, the instrument may not be transferred further except for purposes of collection, and any subsequent endorsement, even if it does not contain words authorizing the endorsee to collect the instrument, is deemed to be an endorsement for collection.
Article 18
1.- An endorsement must be unconditional.
2.- A conditional endorsement transfers the instrument whether or not the condition is fulfilled. The condition is ineffective as to those parties and transferees who are subsequent to the endorsee.
Article 19
An endorsement in respect of a part of the sum due under the instrument is i
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