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 43 (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. etc.