"Pay to John Smith,without recourse,(signed)Michael R.Harmon" is what type of indorsement?
A) a blank, restrictive indorsement
B) a restrictive, unqualified indorsement
C) a special, qualified indorsement
D) a blank, qualified indorsement
E) a special, unqualified indorsement

Question

Quizplus · Accepted Answer

The indorsement "Pay to John Smith,without recourse,(signed)Michael R.Harmon" is a special indorsement because it identifies a specific person, John Smith, to whom the check is to be paid. It is also a qualified indorsement because it includes the phrase "without recourse," which limits the liability of the indorser, Michael R. Harmon, in case of non-payment or other problems with the check.

"Pay to John Smith,without Recourse,(signed)Michael R