There is a newer version
of
the New York Laws
2019 New York Laws
UCC - Uniform Commercial Code
Article 3 - Commercial Paper
Part 2 - Transfer and Negotiation
3-205 - Restrictive Indorsements.
Universal Citation: NY UCC § 3-205 (2019)
Section 3--205. Restrictive Indorsements. An indorsement is restrictive which either(a) is conditional; or
(b) purports to prohibit further transfer of the instrument; or
(c) includes the words "for collection", "for deposit", "pay any bank", or like terms signifying a purpose of deposit or collection; or
(d) otherwise states that it is for the benefit or use of the indorser or of another person.
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