A(n) ________ is an indorsement that has no instructions or conditions attached to the payment of the funds.
A) indorsement in trust
B) indorsement for deposit
C) nonrestrictive indorsement
D) restrictive indorsement

Question

Quizplus · Accepted Answer

A nonrestrictive indorsement is an endorsement without any restrictions or instructions attached to the payment of funds. It allows the payee to receive payment in any manner, whether by cash, check, or electronic transfer. Other types of endorsements include indorsements in trust, which specify the purpose of the payment, and restrictive endorsements, which limit the use of the funds to a specific purpose. An indorsement for deposit is simply an endorsement that allows the payee to deposit the funds into their bank account.

A(n) ________ Is an Indorsement That Has No Instructions or Conditions