N.Y. Uniform Commercial Code 3-205 – Restrictive Indorsements
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Section 3–205. Restrictive Indorsements.
Terms Used In N.Y. Uniform Commercial Code 3-205
- Instrument: means a negotiable instrument. See N.Y. Uniform Commercial Code 3-102
An 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.