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Transfer by Assignment


TRANSFER BY ASSIGNMENT. The holder of a bill may transfer it by assignment the same as any other chose in action. Where the holder of a bill payable to order transfers it without indorsement it operates as an equitable assignment, and the transferee may compel indorsement. (Mat teson v. Morris, 4o Mich., 55.) When indorsement is subsequently obtained the transfer operates as a negotiation from the time when given, unless the indorsement was omitted at the time of transfer by fraud, accident or mistake, in which case it operates from the time of the trans fer. (Lancaster Bank v. Taylor, ioo Mass., t8.) The holder of a bill, but not the maker of a note, may deliver it by way of gift in contemplation of death, and die, and it will operate as a valid olonatio mortis causa. But the estate is not liable on the donor's indorsement. (Weston v. Hight, 17 Me., 287.)