Section 3--205. Restrictive Indorsements

Latest version.

An indorsement is restrictive which either
    (a) is conditional; or
    (b) purports to prohibit further transfer of the instrument; or
    (c)  includes  the  words  "for  collection",  "for deposit", "pay any
  bank", or like terms signifying a purpose of deposit or collection; or
    (d) otherwise states that it is for the benefit or use of the indorser
  or of another person.

                    
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