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LSDefine
Simple English definitions for legal terms
in blank
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A quick definition of in blank:
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 guarantee payment. Sometimes, the signature is left blank, which means it can be given to anyone and used as money. There are different types of indorsements, like ones that limit how the paper can be used or who can receive payment. If someone signs the paper without permission, it's called an unauthorized indorsement.A more thorough explanation:
Definition: An indorsement that is not restricted to a particular indorsee. This means that the negotiable instrument can be transferred to anyone who possesses it.
Example: A check with a blank indorsement is payable to the bearer, which means that anyone who has the check can cash it. For example, if John writes a check to Mary and Mary indorses it in blank, anyone who possesses the check can cash it, even if they are not Mary.
Explanation: In blank indorsement is a type of indorsement that does not specify a particular person to whom the instrument is payable. This makes the instrument payable to the bearer, which means that anyone who has the instrument can negotiate it. The example illustrates how a blank indorsement works in practice. If Mary indorses the check in blank, she is giving up her right to receive payment and transferring it to anyone who has the check. This type of indorsement is commonly used when the payee wants to transfer the instrument quickly and easily.