                                 CODE OF VIRGINIA

ENDORSEMENT (§ 8.3A-204)

a. &#8220;Endorsement&#8221; means a signature, other than that of a signer as
maker, drawer, or acceptor, that alone or accompanied by other words is made on
an instrument for the purpose of (i) negotiating the instrument, (ii)
restricting payment of the instrument, or (iii) incurring endorser&#8217;s
liability on the instrument, but regardless of the intent of the signer, a
signature and its accompanying words is an endorsement unless the accompanying
words, terms of the instrument, place of the signature, or other circumstances
unambiguously indicate that the signature was made for a purpose other than
endorsement. For the purpose of determining whether a signature is made on an
instrument, a paper affixed to the instrument is a part of the instrument.

b. &#8220;Endorser&#8221; means a person who makes an endorsement.

c. For the purpose of determining whether the transferee of an instrument is a
holder, an endorsement that transfers a security interest in the instrument is
effective as an unqualified endorsement of the instrument.

d. If an instrument is payable to a holder under a name that is not the name of
the holder, endorsement may be made by the holder in the name stated in the
instrument or in the holder&#8217;s name or both, but signature in both names
may be required by a person paying or taking the instrument for value or
collection.

HISTORY: Code 1950, §§ 6-369, 6-379, 6-382 through 6-384, 6-395, 6-401, 6-410,
6-415; 1964, c. 219, §§ 8.3-201, 8.3-202, 8.3-203, 8.3-402; 1992, c. 693.