# Bills of Exchange Act 1882, Section 58: Transferor by delivery and transferee.


(1) Where the holder of a bill payable to bearer negotiates it by delivery without indorsing it he is called a “transferor by delivery.”
(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.

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Source: https://www.legislation.gov.uk/ukpga/Vict/45-46/61/section/58 (the official version)
Page: https://openlegislation.uk/bills-of-exchange-act-1882/section-58
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.