Endorsement transfers negotiable instrument property and negotiation rights unless expressly restricted or made in favour of an agent. An indorsement followed by delivery transfers to the indorsee the instrument's property and the right of further negotiation, unless the indorsement by express words restricts or excludes that right or constitutes the indorsee an agent to indorse or to receive its contents for the indorser or another specified person; restrictive language (e.g., exclusive payment or credit directions) prevents further negotiation while simple pay orders or references to account value do not.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Endorsement transfers negotiable instrument property and negotiation rights unless expressly restricted or made in favour of an agent.
An indorsement followed by delivery transfers to the indorsee the instrument's property and the right of further negotiation, unless the indorsement by express words restricts or excludes that right or constitutes the indorsee an agent to indorse or to receive its contents for the indorser or another specified person; restrictive language (e.g., exclusive payment or credit directions) prevents further negotiation while simple pay orders or references to account value do not.
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