Effect of indorsement

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..... transfers 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 a .....

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..... nts 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 .....

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