A holder, to be a bona fide holder, must take in accordance with the nature of the instrument. If it is payable to the payee or bearer, delivery alone is sufficient.1 If it is payable to payee or order, the payee must indorse the instrument; that is, he must write his name upon the back of it, as well as deliver it to the holder, to constitute the latter a bona fide holder.2 If a note is assigned but not delivered as where it is not the assignor's possession,3 the assignee takes subject to all defenses. If a note payable to "order" is assigned and delivered but not indorsed, the assignee takes subject to all defenses,4 although he takes the interest of his assignor.5 Thus if A transfers a note to B without indorsement, B taking without notice of defenses, and subsequently after B has notice of defenses A indorses to B, B is not a bona fide holder.6 The owner's writing his name on a separate piece of paper,7 even if pinned to the note,8 is not indorsement, unless the back of the note is filled with indorsements and the additional paper is necessary for additional indorsements.

501; (on the ground that "sheriff" was merely a descriptio personce).

60 Allen v. Johnson, 20 Ohio C. C. 8.

61 Sutton v. Beekwith, 68 Mich. 303; 13 Am. St. Rep. 344; 36 N. W. 79.

1 Thompson v. Perrine, 106 U. S. 589; Truesdell v. Thompson, 12 Met. (Mass.) 565; Avery v. Latimer, 14 Ohio 542.

2 Instone v. Williamson, 2 Bibb. (Ky.) 83; Bellis v. Lyons, 97 Mich. 398; 56 N. W. 770.

3 Muller v. Pondir, 55 N. Y. 325; 14 Am. Rep. 259.

4 Thompson-Houston Electric Co. v. Electric Co., 56 Fed. Rep. 849; Vann v. Marbury, 100 Ala. 438; 46 Am. St. Rep. 70; 23 L. R. A. 325; 14 So. 273; More v. Finger, 128 Cal. 313; 60 Pae. 933; Hays v. Plum-mer. 126 Cal. 107; 77 Am. St. Rep. 153: 58 Pac. 447; Benson v. Abbott.

95 Ga. 69; 22 S. E. 127; First National Bank v. Henry, 156 Ind. 1; 58 N. E. 1057; Marskey v. Turner, 81 Mich. 62; 45 N. W. 644; Helena National Bank v. Telephone Co., 20 Mont. 379; 63 Am. St. Rep. 628; 51 Pac. 829; Sackett v. Montgomery, 57 Neb. 424; 73 Am. St. Rep. 522; 77 N. W. 1083; Kyle v. Thompson, 11 O. S. 616; Goshen National Bank v. Bingham, 118 N. Y. 349; 16 Am. St. Rep. 765; 7 L. R. A. 595; 23 N. E. 180: Galusha v. Sherman, 105 Wis. 263; 47 L. R. A. 417; 81 N. W. 495.

5 O'Keeffe v. Bank, 49 Kan. 347: 33 Am. St. Rep. 370; 30 Pac. 473; Stevens v. Hannan, 86 Mich. 305: 24 Am. St. Rep. 125; 48 N. W. 951; Sackett v. Montgomery, 57 Neb. 424; 73 Am. St. Ren. 522: 77 N. W. 1083; Hopkins v. Manchester. l6 R. I. 663; 7 L. R. A. 387; 19 Atl 243.