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" That he has no knowledge of any fact which would impair the validity of the instrument or render it valueless. But when the negotiation is by delivery only, the warranty extends in favor of no holder other than the immediate transferee. The provisions... "
American Law Reports Annotated - Strana 217
1919
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The Brief: A Quarterly Magazine of the Law, Svazek 3

1901 - 558 str.
...title to it and the capacity of prior parties (subsections 1, 2 and 3), but also, by subsection 4, " That he has no knowledge of any fact which would impair...validity of the instrument or render it valueless." Professor Ames asks why the knowledge of the transferor should be irrelevant in the case of forgery...
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