1. Where the endorsement includes the phrase of "value for security" or any other expression purporting to the pledge of the right established by the bill of exchange to the endorsee, the bearer may use all the rights arising from the bill of exchange. Nevertheless, where the bearer endorses the bill of exchange, such endorsement shall be deemed as having been made as power of attorney. 2. In this case, obligors of the bill of exchange may not invoke against the bearer the pleas based on their personal relationships with the endorser, save where the bearer's intent, at the time of acquiring the bill of exchange, was to cause harm to the debtor.
Interpretation and application must be checked against the official text and current version.