ART. 13] NEGOTIATION—INDORSEMENT. 31

51. The indorsement must be an indorsement of the entire
instrument. A. n indorsement which purports to transfer to the
indorsee a part only of the amount payable, or which purports to
transfer the instrument to two or more indorsees severally, does
not operate as a negotiation of the instrument. But where the
instrument has been paid in part, it may be indorsed as to the
residue.

52. An indorsement may be either special or in blank; and it
may be either restrictive or qualified, or conditional.

53. A special indorsement specifies the person to whom, or to
whose order, the instrument is to be payable; and the indorse-
ment of such indorsee is necessary to the further negotiation of
the instrument. An indorsement in blank specifies no indorsee,
and an instrument so indorsed is payable to bearer, and may be
negotiated by delivery.

54. The holder may convert a blank indorsement into a special
indorsement by writing over the signature of the indorser in
blank any contract consistent with the character of the indorse-
ment.

55. An indorsement is restrictive, which either:

1. Prohibits the further negotiation of the instrument; or

2. Constitutes the indorsee the agent of the indorser; or

3. Vests the title in the indorsee in trust for or to the use of
some other person. But the mere absence of words implying
power to negotiate does not make an indorsement restrictive.

56. A restrictive indorsement confers upon the indorsee the
right:

1. To receive payment of the instrument;

2. To bring any action thereon that the indorser could bring;

3. To transfer his rights as such indorsee, where the form of
the indorsement authorizes him to do so.

But all subsequent indorsees acquire only the title of the first
indorsee under the restrictive indorsement.