Definition of INDORSEE


INDORSEE

contracts. The person in whose favor an indorsement is
made,

2. He is entitled to all the rights of the indorser, and, if the
bill or note have been indorsed over to him before it became due,
he may be entitled to greater rights than the payee and indorser
would have had, had he retained it till it became due, as none of
the parties can make a set-off, or inquire into the consideration
of the bill which he then holds. If he continues to be the holder
(q. v.) when the bill becomes due, he ought to make a legal demand,
and give notice in case of non-acceptance or non-payment. Chitty on
Bills, passim.

Source: Bouviers Law Dictionary 1856 Edition

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