Negotiable Instruments Act, 1881
50. Effect of endorsement
The endorsement of a negotiable instrument followed by delivery transfers to the endorsee the property therein with the right of further negotiation, but the endorsement may by express words, restrict or exclude such right, or may merely constitute the endorsee an agent to endorse the instrument, or to receive its contents for the endorser, or for some other specified person.
B signs the following indorsements 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 Oriental 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 endorsements do not exclude the right of further negotiation by C.