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BILLS OF EXCHANGE ACT 1882 - SECT 35

Restrictive indorsement.

35.(1) An indorsement is restrictive which prohibits the further negotiation
of the bill or which expresses that it is a mere authority to deal with the
bill as thereby directed and not a transfer of the ownership thereof, as, for
example, if a bill be indorsed "Pay D. only," or "Pay D. for the account of
X.," or "Pay D. or order for collection."

(2) A restrictive indorsement gives the indorsee the right to receive payment
of the bill and to sue any party thereto that his indorser could have sued,
but gives him no power to transfer his rights as indorsee unless it expressly
authorise him to do so.

(3) Where a restrictive indorsement authorises further transfer, all
subsequent indorsees take the bill with the same rights and subject to the
same liabilities as the first indorsee under the restrictive indorsement.

© 1882 Crown Copyright

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