law: Negotiable Instruments Act, 1881 
  50. Effect of endorsement 
  The endorsement of a negotiable instrument followed by delivery
  
  transfers to the endorsee the property therein with the right of further
  
  negotiation, but the endorsement may by express words, restrict or exclude such
  
  right, or may merely constitute the endorsee an agent to endorse the
  
  instrument, or to receive its contents for the endorser, or for some other
  
  specified person.
  Illustrations 
  B signs the following indorsements on different negotiable
  
  instruments payable to bearer,- 
  (a) "pay the contents to C only".
  (b) "pay C for my use".
  (c) "pay C on order for the account to B".
  (d) "the within must be credited to C".
  These endorsements exclude the right of further negotiation by
  
  C.
  (e) "pay C".
  (f) "pay C value in account with the Oriental Bank".
  (g) "pay the contents to C, bring part of the consideration
  
  in a certain deed of assignment executed by C to endorser and others".
  These endorsements do not exclude the right of further
  
  negotiation by C.