Section 239: Manner and effect of endorsement.

Notwithstanding the provisions of the Bills of Exchange Act to the contrary:(a) no endorsement of a promissory note shall be valid unless made by the signature of the holder written on the back of the note in one of the spaces provided for that purpose; and
(b) no person shall, by reason only of his having endorsed a promissory note, be liable to pay any money due either as principal or as interest on the promissory note.