Answer:
The titling of the account has nothing to do with how checks need to be endorsed, unless you're talking about checks drawn off the account (such as PDO interest checks) that show the account registration. What matters is the way the check is drawn. If the check is payable unambiguously to two or more persons with the conjunction "AND," all payees should endorse. If the conjunction "OR" is used, any of the payees may endorse. If there is no conjunction, but a virgule (/) is used, it's the same as "OR." Some would argue that when the payees are "stacked" as in
John Burnett
Andy Zavoina
123 BOL Board
Ethernet, anywhere
one should assume "AND" and require both signatures. Others (with whom I agree) say that stacked names fall into the "ambiguous" category unless there is an "AND," so either could endorse. Throw all that out when it comes to tax refund checks. If two names are listed, get both payees to endorse.
First published on BankersOnline.com 05/19/03
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