law: Negotiable Instruments Act, 1881 
  51. Who may negotiate 
  Every sole maker, drawer, payee or indorsee, or all of several
  
  joint makers, drawers, payees or endorsees, of a negotiable instrument may, if
  
  the negotiability of such instrument has not been restricted or excluded as
  
  mentioned in section 50, endorse and negotiate the same.
  Explanation :  Nothing in this section enables a maker or
  
  drawer to endorse or negotiate an instrument, unless he is in lawful possession
  
  or is holder thereof, or enables a payee or endorsee to endorse or negotiate an
  
  instrument, unless he is holder thereof.
  Illustration 
  A bill is drawn payable to A or order. A endorses it to B, the
  
  endorsement not containing the words "or order" or any equivalent
  
  words. B may negotiate the instrument.