jackfrost11770
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Simple English definitions for legal terms
endorsee
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A quick definition of endorsee:
Term: Endorsee
Definition: An endorsee is a person who receives a negotiable instrument, like a check or promissory note, through endorsement. This means that someone has signed over the instrument to them. An indorsee in due course is someone who receives the instrument in good faith, before it is due, and without knowing that it will not be honored.
A more thorough explanation:
Definition: An endorsee, also known as an indorsee, is a person who receives a negotiable instrument through endorsement.
An example of an endorsee is a person who receives a check that has been endorsed by the original payee. The endorsee can then deposit or cash the check.
Another example is a person who receives a promissory note that has been endorsed by the original holder. The endorsee can then collect the amount owed on the note.
The term "indorsee in due course" refers to an endorsee who acquires a negotiable instrument in good faith, for value, and without knowledge of any defects or issues with the instrument.
These examples illustrate how an endorsee is someone who receives a negotiable instrument through endorsement, and how they can use that instrument to collect money or other value.