1. Where the endorsement includes the phrase "value for collection" or "value for receipt" or any other term indicating the procuration, the bearer may exercise all the rights arising from the bill of exchange, including the right to institute an action in his personal name and may endorse it only to the effect of procuration. 2. In this case, obligors may only invoke against the bearer the please that may be invoked by them against the endorser.
Interpretation and application must be checked against the official text and current version.