B is corrent. The endorsement in question is a blank, qualified, restrictive endorsement. The endorsement is blank because it does not specify the person to whom the instrument is payable. The endorsement is qualified because the words "without recourse" are present, thus disclaiming contract liability if the instrument is dishonored. The endorsement is restrictive because it restricts payment to a specific condition.
A is incorrect. The endorsement in question is a blank, qualified, restrictive endorsement. The endorsement is blank because it does not specify the person to whom the instrument is payable. The endorsement is qualified because the words "without recourse" are present, thus disclaiming contract liability if the instrument is dishonored. The endorsement is restrictive because it restricts payment to a specific condition.
A is incorrect. The endorsement in question is a blank, qualified, restrictive endorsement. The endorsement is blank because it does not specify the person to whom the instrument is payable. The endorsement is qualified because the words "without recourse" are present, thus disclaiming contract liability if the instrument is dishonored. The endorsement is restrictive because it restricts payment to a specific condition.
D is incorrect. The endorsement in question is a blank, qualified, restrictive endorsement. The endorsement is blank because it does not specify the person to whom the instrument is payable. The endorsement is qualified because the words "without recourse" are present, thus disclaiming contract liability if the instrument is dishonored. The endorsement is restrictive because it restricts payment to a specific condition.
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