Definition of INDORSER


INDORSER

t conditional, which will operate as a transfer of the
bill, if the condition be performed; or he may make it qualified,
so that he shall not be responsible on non-payment by the payer.
Chitty on Bills, 179,180.

3. To make an indorser liable on his indorsement, the instrument
must be commercial paper, for the indorsement of a bond or single
bill.will not, per se, create a responsibility. 13 Serg. & Rawle,
311. But see Treval v. Fitch, 5 Whart. 325; Hopkins v. Cumberland
Valley R. R. Co., 3 Watts & Serg. 410.

4. When there are several indorsers, the. first in point of time
is generally, but not always, first-responsible; there may be
circumstances which may cast the responsibility, in the first
place, as between them, on a subsequent indorsee. 5 Munf. R. 252.

Source: Bouviers Law Dictionary 1856 Edition

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