Question

Section 70(b) provides that the ‘interpretation’ of the contracts of the drawer, indorser and
acceptor is determined by the lex loci contractus. Regrettably the meaning of
‘interpretation’ is unclear. Does it include the essential validity of the negotiation of the
instrument? It is uncertain what is included in this category. For instance, the question
whether a signatory of the bill need indicate that he signs in a representative capacity to
avoid personal liability was treated in theBedit Properties case, as a matter of form, when just such a question would naturally be
considered one of ‘interpretation. provide summary