Common use of In-Transit Clause in Contracts

In-Transit. Any check or draft (a) made payable to a Loss of Property (occurring with or without fictitious payee and endorsed in the name of such negligence or violence) through robbery, Larceny, fictitious payee or (b) procured in a transaction with theft, holdup, misplacement, mysterious unexplainable the maker or drawer thereof or with one acting as an disappearance, being lost or otherwise made away agent of such maker or drawer or anyone with, damage thereto or destruction thereof, and loss impersonating another and made or drawn payable to of subscription, conversion, redemption or deposit the one so impersonated and endorsed by anyone privileges through the misplacement or loss of other than the one impersonated, shall be deemed to Property, while the Property is in transit anywhere in be forged as to such endorsement. the custody of any person or persons acting as messenger, except while in the mail or with a carrier Mechanically reproduced facsimile signatures for hire, other than an armored motor vehicle are treated the same as handwritten signatures. company, for the purpose of transportation, such transit to begin immediately upon receipt of such