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5
Negotiation and Holders
AS for its bearer qualities. It will not lose its bearer qualities.
AS for the indorser , Sec. 40 provides:
Sec. 40. Indorsement of instrument payable to bearer. Where an instrument, payable to bearer, is indorsed
specially, it may nevertheless be further negotiated by
delivery; but the person indorsing specially is liable as
indorser to only such holders as make title through his
indorsement.
-As such any person who indorsed a bearer instrument is liable to
any party who obtained title through his indorsement.
Who
-A