The transfer of a bill or note is either the assignment or devolution of the right to its enforcement.1 The four methods of transfer are: (1) by assignment; (2) by operation of law; (3) by indorsement; (4) by delivery.

A transfer by assignment takes place where the transfer is made by a separate writing. The peculiarities of the law governing indorsement do not apply in the case of assignments, and the assignee merely steps into the place of the assignor.2

Title passes by operation of law in the following cases:

(a) "The death of the holder, where the title vests in his personal representative, or

(b) "The bankruptcy of the holder, where the title vests in his assignee, or

(c) "In some jurisdictions, where the holder is an unmarried woman, on her subsequent marriage the title vests in her husband, or

(d) "In some jurisdictions the title to a bill or note transferred to a married woman vests in her husband, or

(e) "Upon the death of a joint payee or indorsee the title vests at once in the survivor or survivors." 3 Transfer by indorsement has already been discussed.4

1 Norton on Bills and Notes, Sec.

84. 2 Littlefield vs. Bank, 97 N. J., 581;

Kleeman vs. Friskie, 63 I11. 482; Willis vs. Trambly 13 Mass., 204.

A bill or note payable to bearer may be transferred by mere delivery without indorsement.