Laura is in possession of a check which contains the following indorsement, "Sam Smith, without recourse, for collection only." The indorsement would be classified as:
A)blank, qualified, and restrictive.
B)blank, unqualified, and unrestrictive.
C)special, unqualified, and restrictive.
D)special, qualified, and unrestrictive.

Question

Quizplus · Accepted Answer

The indorsement is classified as blank because it does not specify a particular indorsee, qualified because it includes "without recourse," and restrictive because it specifies "for collection only."

Laura Is in Possession of a Check Which Contains the Following