2. 职称英语
  3. (a) What is indorsement of bills of exchange?(b) How many types are there? Writ

(a) What is indorsement of bills of exchange?(b) How many types are there? Writ

游客2025-06-21  5
问题 (a) What is indorsement of bills of exchange?
(b) How many types are there? Write short notes on them.
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答案  (a) The transfer of a bill of exchange is effected by delivery or by indorsement and delivery. Order bill requires both indorsement and delivery.
Indorsement is a signature and the signature must be the same with the transferor’s name as stated on the bill.
Section 32 of the Bills of Exchange Ordinance states that: an indorsement in order to operate as a negotiation must comply with the following conditions:
it must be written on the bill itself and be signed by the indorser. The simple signature of the indorser on the bill, without additional words, is sufficient;
it must be an indorsement of the entire bill.
(b) There are four types of indorsement: blank, special, restrictive and conditional.
A blank indorsement only consists of the signature of the transferor. No transferee is specified. When a bill is indorsed in blank it becomes payable to bearer and transfer thereafter is effected by delivery, no further indorsement will be required.
A special indorsement spells out the name of the transferee.
A restrictive indorsement will prevent further negotiation of the bill.
A conditional indorsement transfers ownership subject to a specified term or condition.
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