agent but who lacks authority to sign or exceeds his authority, or by an agent who has authority to sign but who does not show on the instrument that he is signing in a representative capacity for a named person, or who shows on the instrument that he is signing in a representative capacity but does not name the person whom he represents, imposes liability on the person signing and not on the person whom he purports to represent.
4.- The question whether a signature was placed on the instrument in a representative capacity may be determined only by reference to what appears on the instrument.
5.- A person who is liable pursuant to paragraph 3 of this article and who pays the instrument has the same rights as the person for whom he purported to act would have had if that person had paid the instrument.
Article 37
The order to pay contained in a bill does not of itself operate as an assignment to the payee of funds made available for payment by the drawer with the drawee.
B. The drawer
Article 38
1.- The drawer engages that upon dishonour of the bill by non-acceptance or by non-payment, and upon any necessary protest, he will pay the bill to the holder, or to any endorser or any endorser's guarantor who takes up and pays the bill.
2.- The drawer may exclude or limit his own liability for acceptance or for payment by an express stipulation in the bill. Such a stipulation is effective only with respect to the drawer. A stipulation excluding or limiting liability for payment is effective only if another party is or becomes liable on the bill.
C. The maker
Article 39
1.- The maker engages that he will pay the note in accordance with its terms to the holder, or to any party who takes up and pays the note.
2.- The maker may not exclude or limit his own liability by a stipulation in the note. Any such stipulation is ineffective.
D. The drawee and the acceptor
Article 40
1.- The drawee is not liable on a bill until he accepts it.
2.- The acceptor engages that he will pay the bill in accordance with the terms of his acceptance to the holder, or to any party who takes up and pays the bill.
Article 41
1.- An acceptance must be written on the bill and may be effected:
(a) By the signature of the drawee accompanied by the word "accepted" or by words of similar import; or
(b) By the signature alone of the drawee.
2.- An acceptance may be written on the front or on the back of the bill.
Article 42
1.- An incomplete bill which satisfies the requirements set out in paragraph 1 of article 1 may be accepted by the drawee before it has been signed by the drawer, or while otherwise incomplete.
2.- A bill may be accepted before, at or after maturity, or after it has been dishonoured by non-acceptance or by non-payment.
3.- If a bill drawn payable at a fixed period after sight, or a bill which must be presented for acceptance before a specified date, is accepted, the acceptor must indicate the date of his acceptance; failing such indication by the acceptor, the drawer or the holder may insert the date of acceptance.
4.- If a bill drawn payable at a fixed period after sight is dishonoured by non-acceptance and the drawee subsequently accepts it, the holder is entitled to have the acceptance dated as of the date on which the bill was dishonoured.
Article 43
1.- An acceptance must be unqualified. An acceptance is qualified if it is conditional or varies the terms of the bill.
2.- If the drawee stipulates in the bill that his acceptance is subject to qualification:
(a) He is n
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