Indorsement "for collection" is notice that the holder is not the beneficial owner,1 even if such indorsement has been erased, as long as it is still legible.2 Indorsement "for account" of indorsers has been held to have the same effect;3 but "for deposit to the credit of" the indorser has been held not to have this effect, but to make the indorsee the absolute owner.4

See also, Voss v. Chamberlain, 139 Ia. 569, 19 L. R. A. (N.S.) 106, 117 N. W. 269.

27 National City Bank v. Shelton Electric Co., 96 Wash. 74, 164 Pac. 933

28 National Park Bank v. Warehouse Co., 116 N. Y. 281, 5 L. R. A. 673, 22 N. E. 567.

29 Fowler v. Brantly, 39 U. P. (14 Pet.) 318, 10 L. ed. 473

30 National Security Bank v. McDonald, 127 Mass. 82.

31 Slimmer v. State Bank, 134 Minn. 349, 159 N. W. 795.

92 First National Bank v. Stockell, 92 Tenn. 252, 20 L. R. A. 605, 21 S. W. 523. ("C. I. P." meaning "Chapin's Iron Process.")

33 Hooten v. State, 119 Ark. 334, 178 S. W. 310.

34 Bland v. Fidelity Trust Co., 71 Fla. 499, L. R. A. 1916F, 209, 71 So. 630.

35 Washington Finance Corporation v. Glass, 74 Wash. 653, 46 L. R. A-(N.S.) 1043, 134 Pac. 480.

36 White v. Wadhams, - Mich. - , 170 N. W. 60.

37 Lutton v. Baker, - Ia. - , 174 N W. 599.

1 United States. Lanier v. Nash, 121 U. S. 404, 30 L. ed. 947.

Louisiana. Moore v. Bank, 44 La. Ann. 99, 32 Am. St. Rep. 332, 10 So 407.

Massachusetts. Manufacturers' National Bank v. Bank, 148 Mass. 553, 2

An indorsement without recourse is not notice of defenses.5