Negotiable Instruments Law
Section 66. Liability of general indorser.-Every indorser who indorses without qualification, warrants to all subsequent holders in due course-
(a) The matters and things mentioned in subdivisions (a), (&), and (c) of the next preceding section; and
(b) That the instrument is at the time of his indorsement valid and subsisting.
And, in addition, he engages that on due presentment, it shall be accepted or paid, or both, as the case may be, according to its tenor, and that if it be dishonored, and the necessary proceedings on dishonor be duly taken, he will pay the amount thereof to the holder, or to any subsequent indorser who may be compelled to Pay it.