How to Draft and Endorse a Bill of Exchange: Compliance with UCC and the Australian Bill of Exchange Act

Creating a bill of exchange endorsement that aligns with the UCC (Uniform Commercial Code) in the United States and the Australian Bill of Exchange Act 1909 involves specific terminology and a clear structure. Below is a simplified example of how such an endorsement might look. 

Sample Bill of Exchange and Endorsement

Bill of Exchange (Front)

Date: [Date of Issue]

Payable To:  

[Name of Payee]  

[Address of Payee]  

Amount

[Amount in words] (e.g., One Thousand Dollars)  

$1,000.00  

Wording 

“Pay to the order of [Name of Payee]  

on or before [Due Date].  

This bill is issued in accordance with the UCC and the Australian Bill of Exchange Act 1909.”

Signature of Drawer 

__  

[Your Name]  

[Your Address]  

Endorsement (Back)

“Pay to the order of [New Payee Name]  

[New Payee Address]  

Without recourse,  

[Your Signature]  

[Your Printed Name]  

[Date]  

Explanation

1. Date: Date the bill is issued.

2. Payable To: The name and address of the payee — the person or entity receiving the payment.

3. Amount: Clearly state the amount in both words and numbers.

4. Wording: A clause stating the bill’s compliance with UCC and relevant Australian law.

5. Signature of Drawer: Signature of the person issuing the bill.

6. Endorsement: This section is for transferring the bill to another party. It includes:

   – Pay to: The name of the new payee who will receive the funds.

   – Without recourse: Indicates that the endorser is not responsible for payment if the bill is not honored.

   – Signature: The original signer endorsing the bill.

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