Indorser who excludes his own liability or makes it conditional

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....ity or 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 indo....

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.... signs his name, adding the words—"Without recourse". Upon this indorsement he incurs no liability.           (b)  A is the payee and holder of a....