Negotiable Instruments Law
Section 37. Effect of restricting indorsement; rights of indorsee.- A restrictive indorsement confers upon the indorsee the right-
(a) To receive payment of the instrument;
(b) To bring any action thereon that the indorser could bring;
(c) To transfer his rights as such indorsee, where the form of the indorsement authorizes him to do so.
But all subsequent indorsees acquire only the title of the first indorsee under the restrictive indorsement.