Definition
An indorsement — the placement of a signature on the back of a negotiable instrument — coupled with an additional phrase, e.g. "without recourse" or "for deposit only," limiting the liability of the indorser (signer) in the event the instrument is dishonored. A qualified indorsement makes it more difficult for a thief or embezzler to cash an instrument. Also spelled qualified endorsement.
Illustrative caselaw
See, e.g. White v. Miners' National Bank, 102 U.S. 658, 662 (1880).
See also
Keywords: