Pedro A. LABARIEGA V.^*

In this essay we are presented a precise and rather complete examination of endorsement -institute classically representative of Exchange Law- in facilitating circulation of wealth through negotiable securities. A central theme, given that the doctrine of endorsement is raised as the cornerstone of all exchange theories, since all of them, in explaining the origin and nature of the obligation of the issuer and the acceptor, appeal to the form of acquisition of the endorsees: the theories combine and proliferate in the greatest diversity, as cuttings and branches of the doctrines of the trunk. The study develops different very interesting aspects relevant to the genesis of endorsement, its legal nature, the versatility of its function, its peculiar characteristics, the legal treatment of its applica- tion, the effects it produces and the hypothesis of an electronic endorsement. Of course, the new technologies have had decisive and positive influence on these types of documents.