Quiz 20: Creation and Transfer of Negotiable Instruments
An indorsement can be both blank and qualified.
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An indorsement that says "without recourse" disclaims liability and protects that indorser and any future indorsers.
The words of negotiation,"pay to the order of," are needed for a special indorsement.
An indorsee who does not comply with the instructions of a restrictive indorsement is liable only to the maker for any losses that occur.
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