The of a negotiable instrument followed by delivery transfers to the indorsee the property therein with the right of further negotiation; but the indorsement may be express words, restrict or exclude such right, or may merely constitute the indorsee an agent to indorse the instrument, or to receive its contents for the indorser, or for some other specified person.
ILLUSTRATIONS
B signs the following endorsements on different negotiable instruments payable to bearer
(a) "Pay the contents to C only".
(b) "Pay C for my use".
(c) "Pay C on order for the account to B".
(d) "The within must be credited to C".
These endorsements exclude the right of further negotiation by C.
(e) "Pay C".
(f) "Pay C value in account with the Original Bank".
(g) "Pay the contents to C, bring part of the consideration in a certain deed of assignment executed by C to endorser and others".
These indorsements do not exclude the right of further negotiation by C.