Judicial Dictionary - E
Judicial Dictionary
Legislative Dictionary
Endorsement
| Category | E |
|---|---|
| Title | Endorsement |
| Details | The act of the owner or payee signing his/her name to the back of a check, bill of exchange or other negotiable instrument so as to make it payable to another or cashable by any person.
“Endorsement” and “endorsed” include and apply to an entry in writing by a registering officer on a rider or covering slip to any document tendered for registration under this Act. [Section 2(5) of the Registration Act, 1908] The liability of an endorser is laid down in section 35 of the Negotiable Instruments Act in the terms that in the absence of a contract to the contrary, the endorser of a negotiable instrument by indorsing it, engages that on due presentment it shall be accepted and paid according to its tenor and that if it be dishonoured he will compensate the holder or subsequent endorser, who is compelled to pay it for any loss or damage caused to him by such dishonour. [Ismail vs. Fida Ally (1965) 17 DLR (SC) 531] |
| Created On | April 23, 2011, 9:14 AM |
| Hits | 827 |