(1)Where the holder of a bill payable to bearer negotiates it by delivery without indorsing it he 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 immediate transferee being a holder for value that the bill is what it purports to be, that he has a right to transfer it, and that at the time of transfer he is not aware of any fact which renders it valueless.