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  3. (a) What is indorsement of bills of exchange?(b) How many types are there? Writ

(a) What is indorsement of bills of exchange?(b) How many types are there? Writ

游客2025-06-21  0
问题 (a) What is indorsement of bills of exchange?
(b) How many types are there? Write short notes on them.
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答案  (a) The transfer of a bill of exchange is effected by delivery or by indorsement and delivery. Order bill requires both indorsement and delivery.
Indorsement is a signature and the signature must be the same with the transferor’s name as stated on the bill.
Section 32 of the Bills of Exchange Ordinance states that: an indorsement in order to operate as a negotiation must comply with the following conditions:
it must be written on the bill itself and be signed by the indorser. The simple signature of the indorser on the bill, without additional words, is sufficient;
it must be an indorsement of the entire bill.
(b) There are four types of indorsement: blank, special, restrictive and conditional.
A blank indorsement only consists of the signature of the transferor. No transferee is specified. When a bill is indorsed in blank it becomes payable to bearer and transfer thereafter is effected by delivery, no further indorsement will be required.
A special indorsement spells out the name of the transferee.
A restrictive indorsement will prevent further negotiation of the bill.
A conditional indorsement transfers ownership subject to a specified term or condition.
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