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Report No. 11

68. Transferor by delivery and transferee.-

(1) Where the holder of an instrument payable to bearer negotiates it by delivery without indorsing it, he is called a "transferor by delivery".

(2) A transferor by delivery is not liable on the instrument.

(3) A transferor by delivery who negotiates an instrument thereby warrants to his immediate transferee, being a holder for consideration, that the instrument is what it purports to be, that he has a right to transfer it, and that at the time of transfer he is not aware of any fact which renders it valueless.1

1. See section 58, BEA.

Negotiable Instruments Act, 1881 Back

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