law: Negotiable Instruments Act, 1881 
  52. Endorser who excludes his own liability or makes it
  
  conditional 
  The endorser of a negotiable instrument may, by express words in
  
  the endorsement, exclude his own liability thereon, or make such liability or
  
  the right of the endorsee to receive the amount due thereon depend upon the
  
  happening of a specified event, although such event may never happen.
  Where an endorser so excludes his liability and afterwards
  
  becomes the holder of the instrument all intermediates endorsers are liable to
  
  him.
  Illustrations 
  (a) The endorser of a negotiable instrument signs his name,
  
  adding the words "without recourse".
  Upon this endorsement he incurs no liability.
  (b) A is the payee and holder of a negotiable instrument.
  
  Excluding personal liability by an endorsement, "without recourse",
  
  he transfers the instrument to B, and B endorses it to C, who endorses it to A.
  
  A is not only reinstated in his former rights, but has the rights of an
  
  endorsee against B and C.