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Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

One to whom a negotiable instrument payable or endorsed to order is negotiated by endorsement and delivery.  If the instrument is payable to bearer on its face, or if it is payable to order on its face and the last endorsement is in blank, the instrument may be negotiated by delivery alone.  In the endorsement "Pay to the order of A. B. See, (signed) D. E. Eff," the endorsee is A. B. See.  An endorsee is a holder of the instrument and as such may have the rights of a holder in due course (Article 3, Part 3, Uniform Commercial Code).


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