conditional indorsement

An indorsement that restricts the instrument in some way, as by limiting how the instrument can be paid or transferred; an indorsement giving possession of the instrument to the indorsee, but retaining title until the occurrence of some condition named in the indorsement.

• Wordings that indicate this type of indorsement are “Pay to Brad Jones when he becomes 18 years of age” and “Pay to Brigitte Turner, or order, unless before payment I give you notice to the contrary.”

— Also termed restricted indorsement; restrictive indorsement. Cf. special indorsement. [Cases: Bills and Notes 190, 199, 290. C.J.S. Bills and Notes; Letters of Credit §§ 154–155.]

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词条贡献者

双语律师Denise，知名法学院国际私法专业，擅长翻译各类与国际争议解决相关的法律文件。