Lawgist51Who may negotiate
Every sole maker, drawer, payee or indorsee, or all of several joint makers, drawers, payees or indorsees, of a negotiable instrument may, if the negotiability of such instrument has not been restricted or excluded as mentioned in section 50, indorse and negotiate the same.
Explanation.-- Nothing in this section enables a maker or drawer to indorse or negotiate an instrument, unless he is in lawful possession or is holder thereof; or enables a payee or indorsee to indorse or negotiate an instrument, unless he is holder thereof.
Illustration
A bill is drawn payable to A or order. A indorses it to B, the indorsement not containing the words "or order" or any equivalent words. B may negotiate the instrument.
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- 46 Delivery
- 47 Negotiation by delivery
- 48 Negotiation by indorsement
- 49 Conversion of indorsement in blank into indorsement in full
- 50 Effect of indorsement
- 51 Who may negotiate
- 52 Indorser who excludes his own liability or makes it conditional
- 53 Holder deriving title from holder in due course
- 54 Instrument indorsed in blank
- 55 Conversion of indorsement in blank into indorsement in full
- 56 Indorsement for part of sum due
- 57 Legal representative cannot by delivery only negotiate instrument indorsed by deceased
- 58 Instrument obtained by unlawful means or for unlawful consideration
- 59 Instrument acquired after dishonour or when overdue
- 60 Instrument negotiable till payment or satisfaction
