Report No. 11
31. Persons entitled to negotiate.-
Every sole maker, drawer or holder, or all of several joint makers, drawers or holders, of an instrument may, if the negotiability of such instrument has not been restricted or excluded as mentioned in section 39, 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....