INDORSER, contracts. The person who makes an indorsement.
2. The indorser of a bill of exchange, or other negotiable paper, by
his indorsement undertakes to be responsible to the holder for the amount of
the bill or note, if the latter shall make a legal demand from the payer,
and, in default of payment, give proper notice thereof to the indorser. But
the indorser may make his indorsement conditional, which will operate as a
transfer of the bill, if the condition be performed; or he may make it
qualified, so that he shall not be responsible on non-payment by the payer.
Chitty on Bills, 179,180.
3. To make an indorser liable on his indorsement, the instrument must
be commercial paper, for the indorsement of a bond or single bill.will not,
per se, create a responsibility. 13 Serg. & Rawle, 311. But see Treval v.
Fitch, 5 Whart. 325; Hopkins v. Cumberland Valley R. R. Co., 3 Watts & Serg.
410.
4. When there are several indorsers, the. first in point of time is
generally, but not always, first-responsible; there may be circumstances
which may cast the responsibility, in the first place, as between them, on a
subsequent indorsee. 5 Munf. R. 252.