Special indorsement. Same as indorsement in full; an indorsement on a check, draft, promissory
note or other negotiable instrument or paper which transfers the instrument specifically to a new
holder—that is, the payee (the holder or owner) formally makes over the paper in writing on the
back to another whose name is given. Then the paper is payable only to the one to whom it has
been explicitly transferred and not to any one who may chance to have possession of it.