Report No. 11
32. Requisites of indorsement.-
(1) Negotiation by indorsement must be of the entire instrument.1
(2) An indorsement which purports to transfer to the indorsee only a part of the amount payable, or which purports to transfer the instrument to two or more indorsees severally, is not valid as a negotiation of the instrument;2 but where such amount has been paid in part, a note to that effect may be indorsed on the instrument, which may then be indorsed for the balance.
1. See section 32(2), BEA.
2. See section 32(2), BEA.