1. Any instrument for the payment of a sum of money or the delivery of goods may be circulated by way of endorsement if payable to the order of the creditor or by delivery if payable to bearer. 2. The endorsement or delivery shall result in the transfer of all rights arising from the instrument to the endorsee or new bearer. 3. In case of endorsement, the endorser shall guarantee the payment of the right established in the instrument on the maturity date, unless it is agreed in the endorsement wording to restrict the guarantee to the existence of the right at the time of endorsement. 4. Where the instrument is drawn as a result of a commercial transaction, the signatories thereon shall jointly assume the liability, unless the endorsement wording provides for otherwise. 5. In all cases, the debtor may not invoke vis-à-vis the bearer of the instrument the pleas based on personal relationships existing between him and the drawer or the previous bearers, unless the bearer's intent upon receiving the instrument was to cause harm to the debtor, or unless the payment was related to the debtor's lack of capacity. 6. The debtor may also refrain from paying the value of the instrument if such instrument is not delivered to him marked up with clearance.
Interpretation and application must be checked against the official text and current version.