Restrictive Endorsement Law & Legal Definition
A restrictive endorsement is an endorsement signed on the back of a check, note or bill of exchange which restricts to whom the paper may be transferred. In addition to holder's signature, it includes a restriction on how the paper may be used by transferee. Only the payee can write a restrictive endorsement.
The most common wording is "For Deposit Only." The transferee bank must apply the check to the holder's deposit account. Payees use this endorsement when mailing a check for deposit or if someone else deposits their checks.
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