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BILLS OF EXCHANGE ACT 1882 - SECT 58 

Transferor by delivery and transferee.

58.(1) Where the holder of a bill 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 a bill thereby warrants to his
immediate transferee being a holder for value that the bill 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.

Payment in due course.

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© 1882 Crown Copyright

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