The word "Indorser" can be spelled in two different ways, with variations in the placement of the letter 'o'. The traditional spelling, endorsed by dictionaries, is with an 'o' - i-n-d-o-r-s-e-r. However, in recent years, a revised spelling with the letter 'o' omitted - i-n-d-o-r-s-e-r - has emerged as an alternative. The first syllable of the word is pronounced as "in" and the second syllable is pronounced as "dors" with emphasis on the second syllable. Phonetic transcription for this word can be /ɪnˈdôːrsər/.
An indorser, also commonly spelled as endorser, refers to a person who signs their name on the back of a negotiable instrument, such as a check or a promissory note, in order to transfer ownership or guarantee payment to another party. By endorsing the instrument, the indorser becomes a party to the contract, assuming certain liabilities and responsibilities associated with the instrument.
The primary purpose of indorsing a negotiable instrument is to establish the chain of ownership and facilitate the transfer of title from one party to another. When an indorser endorses the instrument, they effectively give their approval and consent for the subsequent transfer. The indorser's signature signifies that they have received the instrument, and they vouch for its genuineness and validity.
There are different types of indorsements that can be made by an indorser, including blank indorsements, special indorsements, restrictive indorsements, or qualified indorsements. Each type of indorsement carries distinct legal implications and can affect the negotiability or enforceability of the instrument.
Indorsers play a crucial role in the negotiation and circulation of negotiable instruments, providing assurance to subsequent parties regarding the instrument's validity and their liability in case of non-payment. Their actions help maintain the integrity and reliability of negotiable instruments within commercial transactions.
One who writes his name on the back of a bill of exchange, and thus makes himself liable for its payment.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
The word "indorser" is derived from the Old French verb "endosser", meaning "to put on the back". This verb evolved from the Latin word "indorsare", which has the same meaning. The prefix "in-" indicates "onto" or "upon", and "dorsum" in Latin refers to the "back". Therefore, "indorser" originally referred to the act of signing or putting one's signature on the back of a document, such as a check or bill of exchange, to transfer ownership or responsibility. Over time, the spelling was slightly altered, and it came to be used in the context of a person endorsing a document as a guarantor or supporting it with their signature.