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restrictive endorsement

An *endorsement that prohibits the further negotiation (transfer) of a *bill of exchange (for example, 'Pay X only') or states that it is a mere authority to deal with the bill as thereby directed and not a transfer of ownership of the bill (for example, 'Pay X or order for collection'). A restrictive endorsement gives the endorsee the right to receive payment of the bill and to sue any party to it that his endorser could have sued, but gives him no power to transfer his rights as endorsee unless it expressly authorizes him to do so.

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