1. Every bill of exchange shall be negotiable by endorsement, even if it does not state that it is drawn to order. 2. A bill containing any phrase by the drawer indicating that it is not to order may be transferred only under the rules of assignment of rights. 3. Endorsement may be made to the drawee whether or not the bill is accepted, and also to the drawer or any other obligor; all such persons may re-endorse it.
Interpretation and application must be checked against the official text and current version.