indorser

Unmanaged services are those which provides less control on the performance of end to end indorser between user and service provide.

(65) If the indorsement identifies a particular party to whom the instrument is payable, it is called a "special indorsement." (66) Any other type of indorsement by the holder is called a "blank indorsement." (67) The indorsement need not have a blank in it, such as "pay to --" or "pay to the order of --." Indeed, the indorser's signature alone constitutes a blank indorsement.

Were the plaintiff to sue "as the indorser of a negotiable note," invoking the law merchant, "It]he diligence exacted of him is quite as extreme, if not more so, as when he sues as assignee." Id.

(7) The indorsement implied a conditional liability: if the original debtor could not pay, then the indorser's obligation was not discharged and the indorser would become liable for the obligation.