restrictive indorsement

An indorsement that includes a condition (e.g., “pay Josefina Cardoza only if she has worked 8 full hours on April 13”) or any other language restricting further negotiation (e.g., “for deposit only”).

— Also termed collection indorsement. See conditional 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Shifang，知名法学院法律专业，擅长翻译各类与企业改组和重组相关的法律文件。