An anomalous indorsement is treated in a section by itself for the reason that it is not strictly an indorsement, but in reality more nearly a guaranty. This form of indorsement arises where the indorsement is made before the delivery of the bill or note to the payee.

20 Hannum vs. Richardson, 48 Vt., 508; Challiss vs. McCrum, 22 Kan., 157.

21 See Minor on Conflict of Laws, Sec. 165.

"A person whose name is on the back of a bill or note, transferable by delivery, or payable to bearer, is to be deemed an indorser.

"A person signing on the back of a bill or note payable to order before the payee is prima facie presumed to be a second indorser, and not liable to the payee; but this may be rebutted by showing that his indorsement was given to give the maker credit with the payee, and he thus becomes liable as first indorser, the payee being permitted to indorse to him without recourse." 22

22 Morton on Bills and Notes, Sees. 67 and 68.