Beruflich Dokumente
Kultur Dokumente
A special indorsement
- specifies the person to whom, or to whose
order,
o the instrument is to be payable, and
- the indorsement of such indorsee
o is necessary
to the further negotiation of
the instrument.
An indorsement in blank
- specifies no indorsee, and
- an instrument so indorsed
o is payable to bearer, and
o may be negotiated
by delivery.
Sec. 37. Effect of restrictive indorsement; rights of
indorsee.
A restrictive indorsement
- confers upon the indorsee the right:
(a) to receive payment
- of the instrument;
(b) to bring any action thereon
- that the indorser could bring;
(c) to transfer his rights
- as such indorsee,
- where the form of the indorsement
- authorizes him to do so.
But all subsequent indorsees
- acquire only
o the title of the first indorsee
under
the
restrictive
indorsement.
Sec. 40. Indorsement of instrument payable to
bearer.
Where an instrument, payable to bearer,
- is indorsed specially,
o it may nevertheless be further
negotiated by delivery;
o but the person indorsing specially
is liable as indorser
to only such holders
o as make title
through
his
indorsement.
Sec. 49. Transfer without indorsement; effect of.
Where the holder of an instrument payable to his
order
- transfers it for value
o without indorsing it,
the transfer vests in the
transferee
such title as the
transferor had therein,
and
the transferee acquires in
addition,
to any subsequent
indorser
o who may be
compelled to
pay it.