neffective as an endorsement.
Article 20
If there are two or more endorsements, it is presumed, unless the contrary is proved, that each endorsement was made in the order in which it appears on the instrument.
Article 21
1.- If an endorsement contains the words "for collection", "for deposit", "value in collection", "by procuration", "pay any bank", or words of similar import authorizing the endorsee to collect the instrument, the endorsee is a holder who:
(a) May exercise all rights arising out of the instrument;
(b) May endorse the instrument only for purposes of collection;
(c) Is subject only to the claims and defences which may be set up against the endorser.
2.- The endorser for collection is not liable on the instrument to any subsequent holder.
Article 22
1.- If an endorsement contains the words "value in security", "value in pledge", or any other words indicating a pledge, the endorsee is a holder who:
(a) May exercise all rights arising out of the instrument;
(b) May endorse the instrument only for purposes of collection;
(c) Is subject only to the claims and defences specified in article 28 or article 30.
2.- If such an endorsee endorses for collection, he is not liable on the instrument to any subsequent holder.
Article 23
The holder of an instrument may transfer it to a prior party or to the drawee in accordance with article 13; however, if the transferee has previously been a holder of the instrument, no endorsement is required, and any endorsement which would prevent him from qualifying as a holder may be struck out.
Article 24
An instrument may be transferred in accordance with article 13 after maturity, except by the drawee, the acceptor or the maker.
Article 25
1.- If an endorsement is forged, the person whose endorsement is forged, or a party who signed the instrument before the forgery, has the right to recover compensation for any damage that he may have suffered because of the forgery against:
(a) The forger;
(b) The person to whom the instrument was directly transferred by the forger;
(c) A party or the drawee who paid the instrument to the forger directly or through one or more endorsees for collection.
2.- However, an endorsee for collection is not liable under paragraph 1 of this article if he is without knowledge of the forgery:
(a) At the time he pays the principal or advises him of the receipt of payment; or
(b) At the time he receives payment, if this is later,
unless his lack of knowledge is due to his failure to act in good faith or to exercise reasonable care.
3.- Furthermore, a party or the drawee who pays an instrument is not liable under paragraph 1 of this article if, at the time he pays the instrument, he is without knowledge of the forgery, unless his lack of knowledge is due to his failure to act in good faith or to exercise reasonable care.
4.- Except as against the forger, the damages recoverable under paragraph 1 of this article may not exceed the amount referred to in article 70 or article 71.
Article 26
1.- If an endorsement is made by an agent without authority or power to bind his principal in the matter, the principal, or a party who signed the instrument before such endorsement, has the right to recover compensation for any damage that he may have suffered because of such endorsement against:
(a) The agent;
(b) The person to whom the instrument was directly transferred by the agent;
(c) A party or the drawee who paid the instrument to the agent directly or through one or more endorsees for coll
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