Sec. 38. Qualified indorsement. - Act 2031

A qualified indorsement constitutes the indorser a mere assignor of the title to the instrument. It may be made by adding to the indorser's signature the words "without recourse" or any words of similar import. Such an indorsement does not impair the negotiable character of the instrument. (Negotiable Instruments Law; Act 2031)

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