Stamp Duties Act, 1968 (Act 77 of 1968)
R 385
Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter INegotiation of bills30. Manner of indorsing |
| (1) | An indorsement, in order to effect a negotiation of a bill, must be written on the bill itself, be signed by the indorser, and be an indorsement of the entire bill: Provided that an indorsement written on the allonge of a bill or on a copy of a bill issued or negotiated in a country where copies are recognized, shall be deemed to be written on the bill itself. |
| (2) | The simple signature of the indorser on the bill without additional words is sufficient to constitute an indorsement. |
| (3) | A partial indorsement, that is to say, an indorsement which purports to transfer to the indorsee a part only of the amount payable, or which purports to transfer the bill to two or more indorsees severally, does not effect a negotiation of the bill. |
| (4) | If a bill is payable to the order of two or more payees or indorsees who are not partners, all must indorse in order to effect a negotiation of the bill, unless the one indorsing has authority to indorse for the others. |
| (5) | If in a bill payable to order, the payee or indorsee is wrongly designated, or his name is misspelt, he may, in order to effect a negotiation of the bill, indorse the bill as he is therein described, adding, if he thinks fit, his proper signature. |
[Sub-section (5) substituted by section 11 of Act 56 of 2000.]
| (6) | If there are two or more indorsements on a bill, each indorsement is deemed, until the contrary is proved, to have been made in the order in which it appears on the bill. |
| (7) | An indorsement may be made in blank or special and may also contain terms making it restrictive. |
