Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where the holder of a bill payable to bearer negotiates it by delivery without indorsing it, he or she is called a transferor by delivery .
(2) A transferor by delivery is not liable on the instrument.
(3) A transferor by delivery who negotiates a bill thereby warrants to his or her immediate transferee being a holder for value that the bill is what it purports to be, that he or she has a right to transfer it, and that at the time of transfer he or she is not aware of any fact which renders it valueless.