§16 — Indorsement “in blank” and “in full”

[(1)] If the indorser signs his name only, the indorsement is said to be “in blank,” and if he adds a direction to pay the amount mentioned in the instrument to, or to the order of, a specified person, the indorsement is said to be “in full”, and the person so specified Subs. by Act 8 of 1919. s. 2, for “payable to, or to the order of, a payee,” Subs. by Act 36 of 1957, s. 3 and the Second Schedule “a State”. “Indorsee”.—is called the “indorsee” of the instrument. [(2) The provisions of this Act relating to a payee shall apply with the necessary modifications to an indorsee.]