An endorsement restricting further transfer of a check's ownership called Answer Revealed
An endorsement restricting further transfer of a check's ownership. It limits use of the check to whatever purpose is stated in the endorsement the correct answer is Restrictive Endorsement
by J Nandhini
Updated Oct 26, 2023
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An endorsement restricting further transfer of a check's ownership. It limits use of the check to whatever purpose is stated in the endorsement.
The correct answer is "Restrictive Endorsement"
A Restrictive Endorsement on a check is when the payee (the person the check is written to) specifies how the check can be used or who can cash it. For example, if the payee writes "For Deposit Only" and signs their name on the back of the check, it means the check can only be deposited into the payee's account and not cashed. This helps ensure the intended recipient gets the funds and prevents someone else from using the check. It's a way to add an extra layer of security and control over the use of the check.
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An endorsement restricting further transfer of a check's ownership - FAQ
1. An endorsement restricting further transfer of a check's ownership. It limits use of the check to whatever purpose is stated in the endorsement.
The correct answer is "Restrictive Endorsement"
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