129. Bills of exchange, etc.

A principal is not liable upon any bill of exchange, cheque or promissory note unless his name appears thereon1, but his signature may be written by the hand of an agent2. In determining whether any signature is that of the principal, or of the agent in his personal capacity, the construction most favourable to the validity of the instrument is adopted3.

Where the agent signs the instrument in his principal's name, the principal is liable4, except in the case of a bill drawn upon the agent, in which case the principal cannot be liable as acceptor5, even if the agent