§52 — Indorser who excludes his own liability or makes it conditional

The indorser of a negotiable instrument may, by express words in the indorsement, exclude his own liability thereon, or make such “payable liability or the right of the indorsee to receive the amount due thereon depend upon the happening of a specified event, although such event may never happen. Where an indorser so excludes his liability and afterwards becomes the holder of the instrument, all intermediate indorsers are liable to him. Illustrations “Without recourse”. “without recourse” he transfers the instrument to B, and B indorses it to C,