§50 — Effect of indorsement

The indorsement of a negotiable instrument followed by delivery transfers to the indorsee the property therein with the right of further negotiation; but the indorsement may, by 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 — “Pay the contents to C only”. “Pay C for my use.” “Pay C or order for the account of B.” “the within must be credited to C.” ) “P a y C. ” “Pay C value in account with the Oriental Bank.” “Pay the contents to C, being part of the consideration and others.”