Indorsements

Indorsement: A signature, with or without additional words or statements  (e.g., “for deposit only,” “payable to Jane Smith,” “payable from acct. # 000001,” etc.), made by the indorser in order to transfer his or her rights to the indorsee.

Blank Indorsement: An indorsement that specifies no particular indorsee and can consist of a mere signature.

 Special Indorsement: An indorsement that indicates the specific person to whom the indorser intends to make the instrument payable — i.e., the indorsee.

Qualified Indorsement: An indorsement which disclaims any contract liability on the instrument (e.g., “without recourse”).

Restrictive Indorsement: Any indorsement on a negotiable instrument that requires the indorsee to comply with certain instructions regarding the funds involved.

Indorsement for Deposit or Collection: “For deposit only.”

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By Hassham

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