MARVIN MANDEL, Governor

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(3)   An indorsement is effective for negotiation
only when it conveys the entire instrument or any unpaid
residue. If it purports to be of less it operates only
as a partial assignment.

(4)     Words of assignment, condition, waiver,
guaranty, limitation or disclaimer of liability and the
like accompanying an indorsement do not affect its
character as an indorsement.

3—203. Wrong or misspelled name.

Where an instrument is made payable to a person
under a misspelled name or one other than his own he may
indorse in that name or his own or both; but signature in
both names may be required by a person paying or giving
value for the instrument.

3—204. Special indorsement; blank indorsement.

(1)    A special indorsement specifies the person to
whom or to whose order it makes the instrument payable.
Any instrument specially indorsed becomes payable to the
order of the special indorsee and may be further
negotiated only by his indorsement.

(2)   An indorsement in blank specifies no particular
indorsee and may consist of a sere signature. An
instrument payable to order and indorsed in blank becomes
payable to bearer and may be negotiated by delivery alone
until specially indorsed.

(3)   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
charter of the indorsement.

3—205. Restrictive indorsement.

in 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.

3—206. Effect of restrictive indorsement.