it means writing of a person’s name on an instrument for the purpose of negotiation. The person who indorses the instrument is called the “indorser”, and the person to whom it is indorsed is called the “indorsee”.
Types of Indorsement
An indorsement may be:
- Blank or general indorsement
- special or full indorsement
- restrictive indorsement
- partial indorsement
- conditional or qualified indorsement
- Blank or general indorsement : A blank indorsment is effected by the simple signature of the indorser on the face or back of the instrument. It specific no indorsee and the instrument in consequence becomes payable to bearer.
- Full or special indorsement : If the indorsor sign his name and adds a direction to pay the amount mentioned in the instrument to, or to the order of, a specified person, the indorsement is said to be full.
- Restrictive indorsement : An indorsement is said to be restrictive when it prohibits further negotitation of the instrument.
- Partial indorsement : When an indorsement purports to the transfer th th indorsee a part of the amount only, the indorsement does not operate as a negotiation of the instrument.
- Conditional or qualified indorsement : An indorsement is conditional or qualified, if it limits or negatives the liability of the indorser.
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