Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter INegotiation of bills31. Indorsement in blank and special indorsement |
| (1) | An indorsement in blank specifies no indorsee, and a bill so indorsed becomes payable to bearer. |
| (2) | A special indorsement specifies the person to whom, or to whose order, the bill is to be payable. |
| (3) | The provisions of this Act relating to a payee apply with the necessary modifications to an indorsee under a special indorsement. |
| (4) | If a bill has been indorsed in blank, any holder may convert the blank indorsement into a special indorsement by writing above the indorser's signature a direction to pay the bill to himself or his order or to some other person or the order of the latter. |