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) special, qualified, and unrestrictive.
B) special, unqualified, and restrictive.
C) blank, unqualified, and unrestrictive.
D) blank, qualified, and restrictive.

Question

Quizplus · Accepted Answer

The indorsement is blank because it does not specify a new payee, qualified because it includes "without recourse," and restrictive because it includes "for collection only."

Laura Is in Possession of a Check Which Contains the Following