Section 4--205. Supplying Missing Indorsement; No Notice From Prior Indorsement

(1) A depositary bank which has  taken  an  item  for  collection  may
  supply  any  indorsement  of  the  customer  which is necessary to title
  unless the item contains the words "payee's indorsement required" or the
  like. In the absence of such a requirement a  statement  placed  on  the
  item by the depositary bank to the effect that the item was deposited by
  a  customer  or  credited  to his account is effective as the customer's
  indorsement.
    (2) An intermediary bank, or payor bank  which  is  not  a  depositary
  bank,  is  neither  given notice nor otherwise affected by a restrictive
  indorsement of any person except the bank's immediate transferor.