Report No. 11
41. Qualified indorsement.-
(1) The indorser of an instrument may, by express words in the indorsement, exclude his own liability thereon.
[Section 52, para. 1, part]
(2) Where an indorser so excludes his liability and afterwards becomes the holder of the instrument, all intermediate indorsers are liable to him.
[Section 52, para. 2]