Special transfer endorsement. Special transfer endorsement is no different from general transfer endorsement in form, but the effect is different. This endorsement usually includes restrictive endorsement, conditional endorsement and collection endorsement.
① Restrictive endorsement. Restrictive endorsement refers to the type of endorsement that prohibits the further transfer of the bill of exchange or only indicates the authorization of the bill of exchange. It usually contains restrictive statements such as “pay to the endorsee”. The holder of the bill of exchange shall not circulate or transfer the bill of exchange again and can only withdraw money with the bill. For example:
Pay to A bank only (pay to A bank)
Pay to A bank for account of ABC Co., (pay to A bank to be credited to ABC company account)
Pay to A bank not negotiable (pay to A bank not circulate)
Pay to A bank not transferable (pay to A bank transferable)
Pay to A bank not to order (pay to A bank shall not be paid to a designated person)
② Conditional endorsement. A conditional endorsement is an endorsement to the endorsee with conditions. For example:
Pay to the order of B Co.，
On delivery of B/L No. 125
For A Co.， London
Signature
Although the bill of exchange issued must be an unconditional payment order, the endorsement can be conditional. The attached conditions are only binding on the endorser and the endorsee, and have nothing to do with the payee and the drawee. When the bill of exchange presents the payee with a request for payment, the payee can pay the holder as usual regardless of whether the conditions on the endorsement are fulfilled, and the bill of exchange is released from liability. A conditional endorsement actually refers to the delivery in the endorsement act, and the bill of exchange can only be handed over to the endorsee after the conditions are fulfilled.
③ Endorsement for collection. A collection endorsement requires the endorsee to handle the bill of exchange in accordance with the instructions for collection. Usually, the words “For collection” are written before or after “Pay to the order of B Bank”. Sometimes other instructions can be written, for example: For collection pay to the order of B Bank (collection according to the instructions of Bank B) Pay to the order of B bank for collection only, prior indorsement guaranteed (payment only according to the instructions of Bank B, with priority endorsement guarantee) Pay to the order of B bank for deposit (payment according to the instructions of Bank B) Pay to the order of B bank for value in collection (payment according to the instructions of Bank B) and Pay to the order of B bank by procuration Pay to any bank (bank payment)
At this time, the endorsee only accepts the endorsee’s authorization to collect the bill. Although he holds the bill, he does not obtain the ownership of the bill, so he is not responsible to any subsequent holder. He can exercise all rights arising from the bill, such as the right to present for payment, and is subject to all claims and defenses suffered by the previous endorser.
Article 24 of the British “Bills of Exchange Act” stipulates that a subsequent holder who forges an endorsement cannot become a holder. When a bill of exchange is transferred to an assignee, he must confirm the continuity of the endorsement and confirm the authenticity of the previous endorsement before he can accept the bill and become the holder. The final holder, that is, the person presenting the bill, is mostly a collecting bank. When it presents the bill to the paying bank (Drawee Bank) for payment, it should make a blank endorsement. The paying bank needs to prove the authenticity of the endorsement before it can pay.