Restrictive Endorsements

An indorsement is restrictive which either

(a)Is conditional; or

(b)Purports to prohibit further transfer of the instrument; or COL120106 DIV. 3 COMMERCIAL PAPER

(c)Includes the words Afor collection,@ Afor deposit,@ Apay 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.