A qualified indorsement is given by using the phrase __________.
A) "as is"
B) "without recourse"
C) "with all faults"
D) "buyer beware"

Question

Quizplus · Accepted Answer

A qualified indorsement that includes the phrase "without recourse" means the indorser is not responsible or liable if the instrument is dishonored. This limits the liability of the indorser and shifts the risk of loss to the subsequent parties who accept or negotiate the instrument.

A Qualified Indorsement Is Given by Using the Phrase __________