Mrs. J. Smith."

Question 174.— Is the following form of endorsement (1) valid as a matter of law, and (2) regular according to the Clearing House Conventions: Cheque drawn in favour of Mrs. J. Smith, endorsed "Mrs. J. Smith."

Answer.— (1) The endorsement is valid as a matter of law.

(2) So far as the rules are concerned, we think they leave the matter an open question. Such an endorsement seems to us to comply with the second clause of Rule 2, inasmuch as the names correspond; but if it were so placed as not to show clearly that it is intended as an endorsement, it would be an irregular endorsement requiring a guarantee under Rule 8.