Indorsement A guarantee of payment of a promissory note, check, draft (bill of exchange), etc.
In some cases, as where indorsed for collection, only the genuineness of the signature is
guaranteed. When applied to negotiable instruments the term indorsement means an indorsement
completed by delivery of the instrument.  An indorser of a negotiable instrument contracts with the
present holder or any future holder that if the maker does not pay it he (the indorser) will if it is
duly protested for non-payment and notice of the protest is sent to the indorser.  An indorser is
wholly discharged if the instrument is not properly protested or if the security held for it is released
or not properly protected or if the time for payment is extended without the indorser's assent or if
the maker or any preceding indorser pays it after it is due.  When an indorser writes above his
indorsement (signature) "Protest waived" the necessity of protesting the instrument to hold the
indorser is dispensed with.