One of the mysteries of the English language finally explained.
A person to whom a cheque or bill of exchange is made payable instead of the stated payee.
- ‘If a bill gives a wrong designation of the payee or an indorsee to whom it is payable, the person concerned may indorse it in the way he is described and may, further, add his ordinary signature.’
- ‘Thus an indorsee of the cheque could not claim payment under it.’
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