qualified indorsement, warrants: (1) That the instrument is genuine and
in all respects what it purports to be; (2) That he has a good title to
it; (3) That all prior parties had capacity to contract; (4) That he has
no knowledge of any fact which would impair the validity of the
instrument or render it valueless. But when the negotiation is by
delivery only, the warranty extends in favor of no holder other than the
immediate transferee. The provisions of subdivision three of this
section do not apply to persons negotiating public or corporation
securities other than bills and notes."