Smith v. . McLean

The striking out the endorsement by an authorized holder of the note, not being by mistake, but because it stood in the way of a suit he was prosecuting, by the directions and for the benefit of the plaintiff, must forever exonerate the endorser from all liability. For what purpose was it stricken out? Was it that the bill was still to retain the qualities of one endorsed? Surely not. It was to place it in the same situation it would have stood if no endorsement had ever been made, and this the rightful holder was competent to do; for the endorsement was for his benefit; he might fill it up…