shaquilleoatmeal
10:10
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
full indorsement
Read a random definition: territorial law
A quick definition of full indorsement:
Indorsement is when someone signs the back of a piece of paper that can be used as money, like a check, to transfer it to someone else or to show that they got paid. There are different types of indorsements, like a blank one where no specific person is named, or a special one where a specific person is named. Some indorsements have conditions or restrictions, like only being able to be used by a certain person or for a certain purpose. If someone signs the back of a paper without permission, that's called an unauthorized indorsement.A more thorough explanation:
Definition: Full indorsement is a type of indorsement where a person signs on the back of a negotiable instrument, such as a check, to transfer or guarantee the instrument or to acknowledge payment. It can be either an irregular indorsement or a special indorsement.
Example: Let's say John receives a check from his friend Tom for $100. If John signs the back of the check and writes "Pay to the order of Sarah," it becomes a full indorsement. Sarah can now deposit the check into her account or cash it.
This example illustrates how a full indorsement can transfer the ownership of a negotiable instrument from one person to another.