5.  Bills  and  Notes. — Negotiable  Note. — Indorsem>ent. — Considera-
tion.— Liability  of  Indorser. — ^The  indorsement  of  a  party  other
than  the  payee  or  the  holder  of  a  negotiable  instrument  requires  a
valid  consideration,  whether  indorsed  before  or  after  delivery,
although  under  the  Negotiable  Instrument  Act  (Acts  1913  p.  120,
i9089a  et  seq.  Bums  1914),  every  person  whose  name  appears
thereon  is  deemed  to  have  become  a  party  thereto  for  value;  but
where,  the  note  and  the  indorsement  are  one  transaction  and  simul-
taneous, the  consideration  for  the  note  is  sufilcient  for  the  indorse-
ment, whether  the  indorser  is  regarded  as  a  guarantor  or  as  a  Joint
maker,  and  even  though  the  indorser  did  not  know  the  value  of
that  consideration,  but  if  the  indorsement  was  made  after  delivery,
a  new  consideration  is  necessary,  unless  made  pursuant  to  a  prior
agreement  between  the  maker  and  his  creditor  for  such  an
indorsement    p.  418.
6.  Bills  and  Notes. — Negotiable  Note. — Indorsement. — Considera*


410  APPELLATE  COURT  OP  INDIANA,

Sangster  v.  Bricker — 66  Ind.  App.  409.
