https://www.taxtmi.com/caselaws?id=97627 Article 59(f) and the Companies Act deem endorsements made by persons acting with the company's authority to be on behalf of the company; where the company's constitution authorises negotiation of promissory notes and permits delegation, a branch manager's endorsement may fall within implied authority under that deeming rule, enabling a bona fide transferee to qualify as a holder in due course. The burden to displace holder in due course status lies on defendants to prove absence of authority or equities. To prevent double liability, the transferee was required to furnish an indemnity bond before decree payment; decree modified for a reduced sum and interest. en-us Wed, 16 Apr 1958 00:00:00 +0530 Tue, 17 Jan 2012 15:04:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97627 Article 59(f) and the Companies Act deem endorsements made by persons acting with the company's authority to be on behalf of the company; where the company's constitution authorises negotiation of promissory notes and permits delegation, a branch manager's endorsement may fall within implied authority under that deeming rule, enabling a bona fide transferee to qualify as a holder in due course. The burden to displace holder in due course status lies on defendants to prove absence of authority or equities. To prevent double liability, the transferee was required to furnish an indemnity bond before decree payment; decree modified for a reduced sum and interest. Case-Laws Companies Law Wed, 16 Apr 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97627