Bills of Exchange Ordinance

(1)
Where the holder of a bill payable to bearer negotiates
                it by delivery without indorsing it, he is called a “
transferor by delivery
” (
以交付方式轉讓匯票的移轉人
).
(2)
A transferor by delivery is not liable on the instrument.
(3)
A transferor by delivery who negotiates a bill thereby warrants to his immediate transferee, being a holder for value, that the bill is what it purports to be, that he has a right to transfer it, and that, at the time of transfer, he is not aware of any fact which renders it valueless.
[cf. 1882 c. 61 s. 58 U.K.]