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