in a trade or assumed name will be liable to the same extent as if he had signed in his own name: See note to § 3082. § 3100. Signature by agent. The signature of any party may be made by a duly authorized agent. No particular form of appointment is necessary for this purpose; and the authority of the agent may be established as in other cases of agency. See note to § 3082. § 3101. Liability of agent. Where the instrument contains or a person adds to his signature words indicating that he signs for or on behalf of a principal, or in a representative capacity, he is not liable on the instrument if he was duly authorized; but the mere addition of words describing him as an agent, or as filling a representative character, without disclosing his principal, does not exempt him from personal liability. See note to § 3082. § 3102. Signature by "procuration." A signature by "procuration" operates as notice that the agent has but a limited authority to sign, and the principal is bound only in case the agent in so signing acted within the actual limits of his authority. See note to § 3082. § 3103. Indorsement by corporation or infant. The indorsement or assignment of the instrument by a corporation or by an infant passes the property therein, notwithstanding that from want of capacity the corporation or infant may incur no liability thereon. See note to § 3082. § 3104. Forged signature. When a signature is forged or made without the authority of the person whose signature it purports to be, it is wholly inoperative, and no right to retain the instrument, or to give a discharge therefor, or to enforce payment thereof against any party thereto, can be acquired through or under such signature, unless the party, against whom it is sought to enforce such right, is precluded from setting up the forgery or want of authority. See note to § 3082. ARTICLE II. Consideration. $3105. Presumption of consideration. §3106. Consideration, what constitutes. §3107. § 3108. § 3109. What constitutes holder for value. When lien on instrument constitutes holder for value. Liability of accommodation party. § 3105. Presumption of consideration. Every negotiable instrument is deemed prima facie to have been issued for a valuable consideration; and every person whose signature appears thereon to have become a party thereto for value. See note to § 3082. § 3106. Consideration, what constitutes. Value is any consideration sufficient to support a simple contract. An antecedent or pre-existing debt constitutes value; and is deemed such whether the instrument is payable on demand or at a future time. See note to § 3082. § 3107. Holder for value. Where value has at any time been given for the instrument, the holder is deemed a holder for value in respect to all parties who become such prior to that time. See note to § 3082. § 3108. Lien on instrument. Lien on instrument. Where the holder has a lien on the instrument, arising either from contract or by implication of law, he is deemed a holder for value to the extent of his lien. See note to § 3082. $3109. Effect of want of consideration. Absence or failure of consideration is matter of defense as against any person not a holder in due course; and partial failure of consideration is a defense pro tanto, whether the failure is an ascertained and liquidated amount or otherwise. See note to § 3082. § 3110. Liability of accommodation party. An accommodation party is one who has signed the instrument as maker, drawer, acceptor, or indorser, without receiving value therefor, and for the purpose of lending his name to some other person. Such a person is liable on the instrument to a holder for value, notwithstanding such holder at the time of taking the instrument knew him to be only an accommodation party. See note to § 3082. § 3115. Special indorsement. What constitutes negotiation. Indorsement must be of entire instrument. Blank indorsement; how changed to special indorsement. Effect of restricting indorsement; rights of indorsee. § 3120. Conditional indorsement. 3122. Indorsement where payable to two or more persons. 3123. Effect of instrument drawn or indorsed to a person as cashier. Indorsement in representative capacity. Time of indorsement; presumption. Place of indorsement; presumption. Continuation of negotiable character. § 3130. Transfer without indorsement; effect of. § 3131. When prior party may negotiate instrument. § 3111. Negotiation. An instrument is negotiated when it is transferred from one person to another in such manner as to constitute the transferee the holder thereof. If payable to bearer it is negotiated by delivery; if payable to order it is negotiated by the indorsement of the holder completed by delivery. See note to § 3082. § 3112. Indorsement. The indorsement must be written on the instrument itself or upon a paper attached thereto. The signature of the indorser, without additional words, is a sufficient indorsement. See note to § 3082. § 3113. Indorsement of entire instrument. The indorsement must be an indorsement of the entire instrument. An indorsement which purports to transfer to the indorsee a part only of the amount payable, or which purports to transfer the instrument to two or more indorsees severally, does not operate as a negotiation of the instrument. But where the instrument has been paid in part, it may be indorsed as to the residue. See note to § 3082. § 3114. Kinds of indorsement. An indorsement may be either special or in blank; and it may also be either restrictive or qualified, or conditional. See note to § 3082. § 3115. Special indorsement. A special indorsement specifies the person to whom, or to whose order, the instrument is to be payable; and the indorsement of such indorsee is necessary to the further negotiation of the instrument. An indorsement in blank specifies no indorsee, and an instrument so indorsed is payable to bearer, and may be negotiated by delivery. See note to § 3082. § 3116. Blank indorsement, how changed to special indorsement. The holder may convert a blank indorsement into a special indorsement by writing over the signature of the indorser in blank any contract consistent with the character of the indorsement. See note to § 3082. § 3117. Indorsement restrictive. An indorsement is restrictive, which either (1) Prohibits the further negotiation of the instrument; or (2) Constitutes the indorsee the agent of the indorser; or (3) Vests the title in the indorsee in trust for or to the use of some other person. But the mere absence of words implying power to negotiate does not make an indorsement restrictive. See note to § 3082. § 3118. Rights conferred. A restrictive indorsement confers upon the indorsee the right (1) To receive payment of the instrument; (2) To bring any action thereon that the indorser could bring; (3) To transfer his rights as such indorsee, where the form of the indorsement authorizes him to do so. But all subsequent indorsees acquire only the title of the first indorsee under the restrictive indorsement. See note to § 3082. § 3119. Qualified indorsement. A qualified indorsement. constitutes the indorser a mere assignor of the title to the instrument. It may be made by adding to the indorser's signature the words "without recourse" or any words of similar import. Such an indorsement does not impair the negotiable character of the instrument. See note to § 3082. § 3120. Conditional indorsement. Where an indorsement is conditional, a party required to pay the instrument may disregard the condition, and make payment to the indorsee or his transferee, whether the condition has been fulfilled or not. But any person to whom an instrument so indorsed is negotiated, will hold the same, or the proceeds thereof, subject to the rights of the person indorsing conditionally. See note to § 3082. § 3121. Payable to bearer. Where an instrument, payable to bearer, is indorsed specially it may nevertheless be further negotiated by delivery; but the person indorsing specially is liable as indorser to only such holders as make title through his indorsement. See note to § 3082. § 3122. Payable to two or more persons. Where an instrument is payable to the order of two or more payees or indorsees who are not partners, all must indorse, unless the one indorsing has authority to indorse for the others. See note to § 3082. § 3123. Indorsed to person as "cashier.' Where an instrument is drawn or indorsed to person as "cashier" or other fiscal officer of a bank or corporation, it is deemed prima facie to be payable to the bank or corporation of which he is such officer; and may be negotiated by either the indorsement of the bank or corporation, or the indorsement of the officer. See note to § 3082. § 3124. Name misspelled. Where the name of a payee or indorsee is wrongly designated or misspelled, he may indorse the instrument as therein described, adding, if he think fit, his proper signature. See note to § 3082. § 3125. In representative capacity. Where any person is under obligation to indorse in a representative capacity, he may indorse in such terms as to negative personal liability. See note to § 3082. § 3126. Time of indorsement. Except where an indorsement bears date after the maturity of the instrument, every |