" Where the holder of a bill payable to his order transfers it for value without indorsing it , "

倘汇票执票人未经背书而受价转让按照其本人指示付款之汇票

" As between immediate parties , and as regards a remote party other than a holder in due course , the delivery in order to be effectual , must be made either by or under the authority of the party drawing , accepting , or indorsing , as the case may be ; "

除适时执票人外，以汇票之直接及间接当事人而言，交付须如下为之须由发票、承兑或背书之当事人亲自或授权交付，方为有效；