It was payday. Navidida decided to run some errands and then deposit her check in the bank over her lunch hour. So that she wouldn't have to spend too long at the bank, Navidida indorsed the back of the paycheck as follows, "Navidida Jones," before
leaving work. While window shopping, Navidida lost the check. Roger finds Navidida's paycheck. (A) Will Roger be able to cash Navidida's check? (B) How could have Navidida indorsed the check so that she would not have to be concerned about losing the check?
(A) The check is bearer paper. This means that anyone who is in possession of the instrument can cash the check. Negotiation of bearer paper is completed by delivery of the instrument; no indorsement is necessary. Roger is a holder of the check and could cash it.
(B) Navidida should have used a restrictive indorsement such as "For deposit only," before she signed her name. With a restrictive indorsement, the check could only be deposited into her account. Roger would not have been able to cash it or deposit it into his own account.
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