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With an order instrument, the payee must be identified with certainty, because the transfer of the instrument requires his or her signature. With an order instrument, the payee must be identified with certainty, because the transfer of the instrument requires his or her signature, its true.
How is a payee identified on the negotiable instrument?
- A payee may be named or identified in an instrument in a variety of ways, including by name, identification number, office, or account number.
- Regardless of whether the intended recipient's legal name is printed on the instrument, an instrument is typically payable to the person for whom it was issued.
Who can transfer an order instrument by endorsing it?
- Only by endorsement and delivery can a promissory note, a check, or a bill of exchange payment to order be bargained.
- The transferee does not become a holder until the holder delivers the instrument and signs his endorsement on it.
- If there are multiple payees, everyone must sign the agreement.
Who can endorse an instrument?
- The instrument cannot be endorsable by the manufacturer or the drawer, but if any of them has acquired possession of it, he may do so. (Sec. 51).
- If the creator or drawer is not the holder of the instrument or in legitimate possession of it, he cannot negotiate or endorse it.
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