Article 3-A: NEGOTIABLE INSTRUMENTS HEADING: PL 1993, C. 293, PT, A, §2 (NEW)
Part 2: NEGOTIATION, TRANSFER AND INDORSEMENT HEADING: PL 1993, C. 293, PT. A, §2 (NEW)
§3-1205. Special indorsement; blank indorsement; anomalous indorsement
(1). If an indorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the indorsement identifies a person to whom it makes the instrument payable, it is a "special indorsement." When specially indorsed, an instrument becomes payable to the identified person and may be negotiated only by the indorsement of that person. The principles stated in Section 3-1110 apply to special indorsements.
[ 1993, c. 293, Pt. A, §2 (NEW) .]
(2). If an indorsement is made by the holder of an instrument and it is not a special indorsement, it is a "blank indorsement." When indorsed in blank, an instrument becomes payable to bearer and may be negotiated by transfer of possession alone until specially indorsed.
[ 1993, c. 293, Pt. A, §2 (NEW) .]
(3). The holder may convert a blank indorsement that consists only of a signature into a special indorsement by writing, above the signature of the indorser, words identifying the person to whom the instrument is made payable.
[ 1993, c. 293, Pt. A, §2 (NEW) .]
(4). "Anomalous indorsement" means an indorsement made by a person who is not the holder of the instrument. An anomalous indorsement does not affect the manner in which the instrument may be negotiated.
Article 3-A: NEGOTIABLE INSTRUMENTS HEADING: PL 1993, C. 293, PT, A, §2 (NEW)
Part 2: NEGOTIATION, TRANSFER AND INDORSEMENT HEADING: PL 1993, C. 293, PT. A, §2 (NEW)
§3-1205. Special indorsement; blank indorsement; anomalous indorsement
(1). If an indorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the indorsement identifies a person to whom it makes the instrument payable, it is a "special indorsement." When specially indorsed, an instrument becomes payable to the identified person and may be negotiated only by the indorsement of that person. The principles stated in Section 3-1110 apply to special indorsements.
[ 1993, c. 293, Pt. A, §2 (NEW) .]
(2). If an indorsement is made by the holder of an instrument and it is not a special indorsement, it is a "blank indorsement." When indorsed in blank, an instrument becomes payable to bearer and may be negotiated by transfer of possession alone until specially indorsed.
[ 1993, c. 293, Pt. A, §2 (NEW) .]
(3). The holder may convert a blank indorsement that consists only of a signature into a special indorsement by writing, above the signature of the indorser, words identifying the person to whom the instrument is made payable.
[ 1993, c. 293, Pt. A, §2 (NEW) .]
(4). "Anomalous indorsement" means an indorsement made by a person who is not the holder of the instrument. An anomalous indorsement does not affect the manner in which the instrument may be negotiated.
Article 3-A: NEGOTIABLE INSTRUMENTS HEADING: PL 1993, C. 293, PT, A, §2 (NEW)
Part 2: NEGOTIATION, TRANSFER AND INDORSEMENT HEADING: PL 1993, C. 293, PT. A, §2 (NEW)
§3-1205. Special indorsement; blank indorsement; anomalous indorsement
(1). If an indorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the indorsement identifies a person to whom it makes the instrument payable, it is a "special indorsement." When specially indorsed, an instrument becomes payable to the identified person and may be negotiated only by the indorsement of that person. The principles stated in Section 3-1110 apply to special indorsements.
[ 1993, c. 293, Pt. A, §2 (NEW) .]
(2). If an indorsement is made by the holder of an instrument and it is not a special indorsement, it is a "blank indorsement." When indorsed in blank, an instrument becomes payable to bearer and may be negotiated by transfer of possession alone until specially indorsed.
[ 1993, c. 293, Pt. A, §2 (NEW) .]
(3). The holder may convert a blank indorsement that consists only of a signature into a special indorsement by writing, above the signature of the indorser, words identifying the person to whom the instrument is made payable.
[ 1993, c. 293, Pt. A, §2 (NEW) .]
(4). "Anomalous indorsement" means an indorsement made by a person who is not the holder of the instrument. An anomalous indorsement does not affect the manner in which the instrument may be negotiated.
