" Where the holder of a bill payable to his order transfers it for value without indorsing it , "
倘汇票执票人未经背书而受价转让按照其本人指示付款之汇票
" As between immediate parties , and as regards a remote party other than a holder in due course , the delivery in order to be effectual , must be made either by or under the authority of the party drawing , accepting , or indorsing , as the case may be ; "
