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Effect of indorsement
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....ransfers 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....
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....ents 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, being part of the consideration in a certain deed....