147. Uncompleted negotiable instruments given by principal to agent.

147.     Uncompleted negotiable instruments given by principal to agent.

If a principal signs a piece of paper and hands it to his agent with the intention that it be converted into a negotiable instrument, the principal will be estopped, as against a bona fide purchaser for value without notice, from showing any limitation upon the authority of his agent which is not obvious upon the face of the instrument1. A principal is not, however, estopped from relying upon a limitation of the agent's authority where the uncompleted instrument has been handed to the agent for safe custody