Indorser who excludes his own liability or makes it conditional

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..... r makes it conditional. 52. The indorser of a negotiable instrument may, by express words in the indorsement, exclude his own liability thereon, or make such liability or the right of the indorse .....

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..... on this indorsement he incurs no liability. ( b ) A is the payee and holder of a negotiable instrument. Excluding personal liability by an indorsement "without recourse", he transfers the .....

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