qualified indorsement
An indorsement that passes title to the instrument but limits the indorser’s liability to later holders if the instrument is later dishonored. • Typically, a qualified indorsement is made by writing “without recourse” or “sans recourse” over the signature. — Also termed indorsement without recourse. UCC § 3-415(b). See WITHOUT RECOURSE. [Cases: Bills and Notes […]
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