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The document outlines various types of indorsements related to negotiable instruments, including special, blank, restrictive, and conditional indorsements. It specifies the requirements for indorsements, such as the necessity to endorse the entire instrument and the implications of indorsing in a representative capacity. Additionally, it discusses the conditions under which indorsements can be made, including the rights and liabilities of the parties involved.

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Telan Jenely Joy
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7 views

Group-2

The document outlines various types of indorsements related to negotiable instruments, including special, blank, restrictive, and conditional indorsements. It specifies the requirements for indorsements, such as the necessity to endorse the entire instrument and the implications of indorsing in a representative capacity. Additionally, it discusses the conditions under which indorsements can be made, including the rights and liabilities of the parties involved.

Uploaded by

Telan Jenely Joy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Group

2
Christian Angas
Charlyn Panes
Tonette Mora
Clarimae
Panaga Shela
me Rivera
Michy
Camayang
Albert Quintos
SEC. 33. Kinds of indorsement.— An indorsement may be either special or in blank;
and it may also be either restrictive or qualified, or conditional.

SEC. 36. "When indorsement restrictive.— An indorsement is restrictive


which either—
(a) Prohibits the further negotiation of the instrument; or
(b) Constitutes the indorsee the agent of the indorser; or
(c) Vests the title in the indorsee in trust for or to the use of some other
person. But the mere absence of words implying power to negotiate does not
make an endorsement restrictive.

SEC. 32. Indorsement must be of the entire instrument.— The endorsement must
be an endorsement of the entire instrument. An indorsement that purports to transfer
to the indorsee a part only of the amount payable, or which purports to transfer the
instrument to two or more indorsees severally, does not operate as a negotiation of
the instrument. But where the instrument has been paid
in part, it may be indorsed as to the residue.
SEC. 40. INDORSEMENT OF INSTRUMENT PAYABLE TO BEARER.— WHERE INSTRUMENTS TO AN
INSTRUMENT, PAYABLE TO BEARER, IS INDORSED SPECIALLY, IT MAY NEVERTHELESS BE FURTHER
NEGOTIATED BY DELIVERY; BUT THE PERSON INDORSING SPECIALLY IS LIABLE AS INDORSER TO
ONLY SUCH HOLDERS AS MAKE TITLE THROUGH HIS INDORSEMENT.
SEC. 41. INDORSEMENTS WHERE PAYABLE TO TWO OR MORE PERSONS.— WHERE AN INSTRUMENT
IS PAYABLE TO THE ORDER OF TWO OR MORE PAYEES MORE' OR INDORSEES WHO ARE NOT
PARTNERS, ALL MUST INDORSE, UNLESS THE ONE INDORSING HAS AUTHORITY TO INDORSE FOR THE
OTHERS.
SEC. 44. INDORSEMENT IN REPRESENTATIVE CAPACITY.— WHERE ANY PERSON IS UNDER
OBLIGATION TO INDORSE IN A REPRESENTATIVE CAPACITY, HE MAY INDORSE IN SUCH TERMS AS TO
NEGATIVE PERSONAL LIABILITY.
SEC. 45. TIME OF INDORSEMENT; PRESUMPTION.— EXCEPT WHERE AN INDORSEMENT BEARS
DATE AFTER THE MATURITY OF THE INSTRUMENT, EVERY NEGOTIATION IS DEEMED PRIMA FACIE
TO HAVE BEEN EFFECTED BEFORE THE INSTRUMENT WAS OVERDUE.
SEC. 46. PLACE OF INDORSEMENT; PRESUMPTION.—EXCEPT WHERE THE CONTRARY APPEARS,
EVERY INDORSEMENT IS PRESUMED PRIMA FACIE TO HAVE BEEN MADE AT THE PLACE WHERE THE
INSTRUMENT IS DATED.
SEC. 47. Continuation of negotiable; presumption.— An instrument negotiable character.
negOyable in its origin continues to be negotiable until it has been' restrictively indorsed or
discharged by payment or otherwise.
SEC. 50. When prior party may negotiate instrument.—Where an instrument is negotiated
back to a prior party, such party may, subject to the provisions of this Act, reissue and further
negotiate the same. But he is not entitled to enforce payment thereof against any intervening
party to whom ho was personally liable.
SEC. 48. Striking out indorsement.— The holder may at any time strike out any indorsement
which is not; necessary to Ids title. The indorser whose indorsement is struck out, and all
indorsers subsequent to him, are thereby relieved from liability on the instrument.
SEC. 49. Transfer without indorsement: effect of.— Where the holder of an instrument payable
to his order transfers it for value without indorsing it, the transfer vests in the transferee such title
as the transferor had therein, and the transferee acquires, in addition, the right to have the
indorsement of the transferor. But for the purpose of determining whether the transferee is a
holder in due course, the negotiation takes effect as of the time when the indorsement is actually
made.
SEC. 42. Effect of instrument drawn or indorsed to a person as — Where an instrument is
drawn or indorsed to a person as "cashier" or other fiscal officer of a bank or corporation, it is
deemed prima facie to be payable to the bank or corporation of which he is such officer; and may
be negotiated by either the indorsement of the bank or corporation, or the indorsement of the
officer.
SEC. 43. Indorsement where name in misspelled, and so forth.— Where the name of a payee
or indorsee is wrongly designated or misspelled, he may indorse the instrument as therein
described, adding, if he think fit, his proper signature.

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