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Sec. 60. Liability of maker. - The maker of a negotiable instrument, by making it, engages that he will pay it according to its tenor, and admits the existence of the payee and his then capacity to indorse.
PAYEES EXISTENCE
Like the maker, the drawer admits to the existence of the payee and his capacity to indorse
Sec. 64. Liability of irregular indorser. - Where a person, not otherwise a party to an instrument, places thereon his signature in blank before delivery, he is liable as indorser, in accordance with the following rules: (a) If the instrument is payable to the order of a third person, he is liable to the payee and to all subsequent parties. (b) If the instrument is payable to the order of the maker or drawer, or is payable to bearer, he is liable to all parties subsequent to the maker or drawer. (c) If he signs for the accommodation of the payee, he is liable to all parties subsequent to the payee.
IRREGULAR INDORSEMENT
An irregular indorser is one who not otherwise a party to an instrument, places his signature thereon his signature in blank before delivery
IRREGULAR INDORSEMENT
Its an indorsement in an unusual, peculiar, or singular manner His name appears where he would naturally expect another name
BEFORE DELIVERY
It means the initial delivery Provision doesnt apply if the signature was placed after delivery
LIABILITY OF ASSIGNOR
The vendor in good faith shall be responsible for the existence and legality of the credit at the time of the sale unless it should have been sold as doubtful but not for the solvency of the debtor unless it has been so expressly stipulated or unless the insolvency was prior to the sale and of common knowledge