INDORSER. The person who makes an indorsement.
By section 154, a person placing his signa ture upon an instrument otherwise than as maker, drawer or acceptor, is deemed to be an indorser, unless he clearly indicates by appropriate words his intention to be bound in some other capacity. Neg. Instr. Act § 154.
The indorser of a bill of exchange, or other negotiable paper, by his indorsement undertakes to be responsible to the holder for the amount of the bill or note, if the latter shall make a legal demand from the payer, and, in default of payment, give prop er notice thereof to the 'indorser. But the indorser may make his indorsement condi tional, which will operate as a transfer of the bill if the condition be performed; or he may make it qualified, so that he shall not be responsible on non-payment by the payer ; Chitty, Bills 179, 180.
To make an indorser liable on his indorse ment to parties subsequent to his own in dorsee, the instrument must be commercial paper ; for the indorsement of a bond or sin gle bill will not, per se, create a responsibili ty ; Folwell v. Beaver, 13 S. & R. (Pa.) 311.
See Story, Bills 202; Evans v. Gee, 11 Pet. (U. S.) 80, 9 L. Ed. 639.
When there are several indorsers, the first in point of time is generally, but not always, first responsible; there may be circumstanc es which will cast the responsibility, in the first place, as between them, on a subsequent indorsee; Chalmers v. McMurdo, 5 Munf. (Va.) 252, 7 Am. Dec. 684; Rhinehart v. Schell, 69 Md. 352, 16 Atl. 126; Sweet v. Woodin, 72 Mich. 393, 40 N. W. 471.
The fact that an indorsee, when he puts his name on a draft, did not think It would render him liable as an indorser, will not relieve him; First Nat. Bank v. Crabtree, 86 Ia. 731, 52 N. W. 559. Where the owner and holder of a promissory note after ma turity sells and indorses the note, signing his name after that of the original payee, he is an indorser and not a joint maker ; Lank v. Morrison, 44 Kan. 594, 24 Pac. 1106.