This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 421.— A gives note to B, who endorses " without recourse" and passes same to C for value received. C sues in name of B without being a party to suit. Can B legally recover amount of note?
Answer.—B is not the holder of the note. Having endorsed without recourse, he is not liable upon it. He has no interest in it. He has not possession of it. The action brought by C in the name of B is wrongly constituted, and should not succeed.