Indorsement “in blank” and “in full”.

5[(1)] If the indorser signs his name only, the indorsement is said to be “in blank,” and if he adds a direction to pay the amount mentioned in the instrument to, or to the order of, a specified person, the indorsement is said to be “in full”, and the person so specified “Indorsee”.—is called the “indorsee” of the instrument. 1[(2) The provisions of this Act relating to a payee shall apply with the necessary modifications to an indorsee.]