The elements of the offense contained in the fourth paragraph of 18 U.S.C. § 2314 are that defendant: (1) with unlawful or fraudulent intent; (2) transported or caused to be transported in interstate or foreign commerce; (3) a traveler's check bearing a forged countersignature.
This provision is limited to the forged countersignature on traveler's checks (i.e., the second signature by the purchaser). It was sought by the traveler's check industry to overcome the problem concerning forged endorsements caused by the decision in Streett v. United States, 331 F.2d 151 (8th Cir. 1964). In view of recent practices by some traveler's check companies to issue their checks in blank and the basic holder-in-due-course doctrine for bearer securities, it is questionable whether a fourth paragraph violation can occur if the purchaser of the traveler's check does not sign the traveler's check before such checks are stolen from him.
[cited in USAM 9-61.200]