Effect of indorsement

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..... by delivery 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 t .....

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..... ( d ) "The within must be credited to C." These indorsements exclude the right of further negotiation by C ( e ) "Pay C." ( f ) "Pay C value in account wi .....

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