rted in a bill of exchange the words "not to order" or an equivalent expression, the instrument can only be transferred according to the form, and with the effects of an ordinary assignment.
The bill may be endorsed even in favour of the drawee, whether he has accepted or not, or of the drawer, or of any other party to the bill. These persons may re-endorse the bill.
Article 12
An endorsement must be unconditional. Any condition to which it is made subject is deemed not to be written (non ecrite).
A partial endorsement is null and void.
An endorsement "to bearer" is equivalent to an endorsement in blank.
Article 13
An endorsement must be written on the bill of exchange or on a slip affixed thereto (allonge). It must be signed by the endorser.
The endorsement may leave the beneficiary unspecified or may consist simply of the signature of the endorser (endorsement in blank). In the latter case, the endorsement, to be valid, must be written on the back of the bill of exchange or on the slip attached thereto (allonge).
Article 14
An endorsement transfers all the rights arising out of a bill of exchange.
If the endorsement is in blank, the holder may:
(1) Fill up the blank either with his own name or with the name of some other person;
(2) Re-endorse the bill in blank, or to some other person;
(3) Transfer the bill to a third person without filling up the blank, and without endorsing it.
Article 15
In the absence of any contrary stipulation, the endorser guarantees acceptance and payment.
He may prohibit any further endorsement; in this case, he gives no guarantee to the persons to whom the bill is subsequently endorsed.
Article 16
The possessor of a bill of exchange is deemed to be the lawful holder if he establishes his title to the bill through an uninterrupted series of endorsements, even if the last endorsement is in blank. In this connection, cancelled endorsements are deemed not to be written (non ecrits). When an endorsement in blank is followed by another endorsement, the person who signed this last endorsement is deemed to have acquired the bill by the endorsement in blank.
Where a person has been dispossessed of a bill of exchange, in any manner whatsoever, the holder who establishes his right thereto in the manner mentioned in the preceding paragraph is not bound to give up the bill unless he has acquired it in bad faith, or unless in acquiring it he has been guilty of gross negligence.
Article 17
Persons sued on a bill of exchange cannot set up against the holder defences founded on their personal relations with the drawer or with previous holders, unless the holder, in acquiring the bill, has knowingly acted to the detriment of the debtor.
Article 18
When an endorsement contains the statements "value in collection" ("valeur en recouvrement"), "for collection" ("pour encaissement"), "by procuration" ("par procuration") or any other phrase implying a simple mandate, the holder may exercise all rights arising out of the bill of exchange, but he can only endorse it in his capacity as agent.
In this case, the parties liable can only set up against the holder defences which could be set up against the endorser.
The mandate contained in an endorsement by procuration does not terminate by reason of the death of the party giving the mandate or by reason of his becoming legally incapable.
Article 19
When an endorsement contains the statements "value in security" ("valeur en garantie"), "value in pledge" ("valeur en gage"), or any other statement implying a pledge, the holder may e
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