Endorsement of draft

The endorser is anyone who signed his name on the back of a bill of exchange and by doing so he has acquired title to it and to receive payment either for his own account or for account of the original payee or for the account of another person from whom he himself has obtained title. One becomes an endorser when he places his name on the back of the bill of exchange  (draft) for the purpose of passing title. It should be pointed out that by endorsing a bill of exchange the endorser makes warranties and/or have legal rights and responsibilities. Different countries have different rules and could have interpretations, hence it is imperative that a consistent rule be formulated to ensure uniformity and consistency specially when dealing in documentary letter of credit transactions.


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