The word endorsement is derived from the Latin word ‘lndorsum’ which means the back. According to the Negotiable Instruments Act, 1881, the writing of a person’s name either on the back or the face of instrument followed by one’s signature for the purpose of negotiation is called endorsement. There may be endorsement on a separate piece of paper attached to the instruction called allonge. A bearer cheque can be endorsed merely by delivery. A negotiable instrument payable to order can be negotiated by endorsement and delivery In fact two things are necessary for endorsement.
(1) It must be written and signed by the transferor called as endorser.
(2) There must be a person to whom endorsement is to be made called endorsee.
Kinds of endorsement
The main types of endorsements are as under:--
(1) Blank or general endorsement. If the holder of the instrument signs his name only and delivers it to the endorsee, it is called general or blank endorsement.
Sd. Abdul Rashid
(2) Full endorsement. It contains not only the signature of the endorser but
specifies the endorsee or to his order also.
Pay to Hamid Ahmad or order
(3) Restrictive endorsement. Here the endorser uses such words in endorsement which restricts further negotiation and transfer of bills.
Sd. Abdul Rashid
(4) Sans Recourse endorsement. In this type of endorsement, the endorser refuses to accept any liability on the instrument to any subsequent party in case of dishonor of the instrument.
Pay to Hamid Ahmad only
(5) Conditional endorsement. It contains an order to pay only when a condition expressly laid down by the endorser is met with.
Sd. Abdul Rashid
(6) Partial endorsement. If contains an order to pay only a part of the amount mentioned in the instrument. This type of endorsement is not valid in law.
Pay to Hamid Ahmad without recourse to me.
(7) Facultative endorsement. If refers to waiver of some right at the time of endorsing by adding appropriate words by the endorser.
Sd. Abdul Rashid
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