As a matter of risk, would a typical consumer bank in the USA accept a check (or other negotiable instrument) which has been endorsed to a payee not originally listed on the instrument?
As I understand it, such an instrument, if properly endorsed, should be payable, but in reality
- Would a bank accept it? Are there any common caveats or restrictions? (i.e. I can only present it the bank that the check is drawn on)
- Is a bank required to accept it if I am a customer?
- Would an individual or organization be required to accept it if they accept personal checks?