Asked by Ariana Lisner on May 02, 2024
Verified
Identify the type of indorsement each of the following represents.
a. Pay to Bill, for collection.
b. Pay to the order of The American Bank for deposit only.
c. Pay to Albert, without recourse.
d. John Smith.
Without Recourse
A term indicating that the holder of a financial instrument cannot demand payment from the original promisor if the instrument defaults.
- Differentiate among various forms of endorsements and understand their consequences.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
a. Restrictive, special.
b. Restrictive, special.
c. Qualified, special indorsement.
d. Blank indorsement.
b. Restrictive, special.
c. Qualified, special indorsement.
d. Blank indorsement.
Learning Objectives
- Differentiate among various forms of endorsements and understand their consequences.