blank endorsement definition

blank endorsement

Open endorsement that carries only the signature of the endorser and does not specify in whose favor it is made (who is the new endorsee), thus converting a document of title (such as a 'to order' bill of lading) into a negotiable (bearer or transferable) instrument. Any holder (bearer) of a blank-endorsed document has claim to ownership of the merchandise or property that is the subject matter of the document. Blank-endorsed insurance policies, for example, can be used by any party to make a claim. Also called endorsement in blank.

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