An indorsement in blank is one where the indorser merely writes his name on the instrument. Such an indorsement renders the instrument payable to whoever may hold it.17 A bill or note indorsed in blank is equivalent to one payable to bearer.

Any bona fide holder of a bill or note indorsed in blank may write over the name of the indorser his own name or any contract consistent with the character of the indorsement, thus restricting the character of the indorsement.18

An indorsement in full is one containing the name of the person to whom payment is to be made. Such a note can only be collected by the payee named or his indorsee, and can only be transferred by another indorsement.19

12 Myers vs. Wright, 33 I11., 284. .

13 Lynn First Nat. Bank vs. Smith, 132 Mass., 227.

14 Merchants Bank vs. Spicer, 6 Wend. (N. Y.), 443.

15 George vs. Surrey, M. & M., 51G; 22 E. C. L., 371.

16 Brown vs. Butchers, etc., Bank, 6 Hill (N. Y.), 443, where the figures "1, 2, 8" were held to constitute an indorsement, although it was shown that the indorser could write.

17 Peacock vs. Rhodes, 2 Doug G33; Grant vs. Vaughan, 3 Burrows, 1516.

18 Russell vs. Langstaffe, 2 Doug., 514. 9 Edie vs. East India Co., 1 W. Bl., 295; Hodges vs. Adame, 19 Vt., 74.

An indorsement without recourse is one by which the indorser exempts himself from liability to the holder upon the dishonor of the bill or note. Such an indorsement leaves the indorser still liable upon the warranties existing in all cases of indorsement, such as the warranty of the genuineness of the signatures.20

A conditional indorsement is one where the title does not pass until the condition mentioned in the indorsement is fulfilled.

A restrictive indorsement is a transfer of the title either for the purpose of collection, or to be held in trust. The first purpose is secured by such indorsements as "For deposit," or "For collection;" and the second by such indorsements as "Pay to A on order for account of B," or "Pay to A for my use."