endorsement

[user_gary]

A promissory note, bill of exchange or cheque is payable to bearer, which is expressed to be so payable or on which the only or last endorsement is an endorsement in bank.

What is the meaning of `endorsement' in this sentence?

I know, endorsement has more than one meaning (e.g. punish, support, permission)

What one is suited here?

[sydneysider]

Hi Gary,


It means " to sign (a cheque or bill of exchange) on the back to specify another as the payee or to accept responsibility for paying it ".

[user_gary]

Ok, Thank you.

A promissory note, bill of exchange or cheque is payable to bearer, which is expressed to be so payable or on which the only or last endorsement is an endorsement in bank.

I understood the above sentence like this :

A promissory note, bill of exchange or cheque is payable to the person who carries cheque and in that cheque we express something to be the cheque payable to him. (e.g. in cross cheque we put two cross in cheque).

is it right?
But,
I could not understand `on which the only or last endorsement is in endorsement in bank'.
Please help me.