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f.
iii. Subsequent indorsees acquire only the title of the first indorsee
under a restrictive indorsement
iv. White v. National Bank
7. Indorsement to or by collecting bank
a. Where the holder deposits the check with a bank other than the
drawee, he would in effect be negotiating the check to such bank,
since he would have to indorse the check before the bank will accept it
for deposit
b. Leonardi v. Chase National Bank
i. Leonardi: holder
ii. Bank of manhattan: drawee
iii. Bank of bay: collecting bank
iv. Chase: correspondent bank
a. Sec 47
CONTINUATION OF NEGOTIABLE CHARACTER.- An
instrument negotiable in its origin continues to be negotiable until it
has been restrictively indorsed or discharged by payment or otherwise.
i. Sec 37 recognizes the right of the restrictive indorsee to further
negotiate the instrument
ii. Sir ty: payment by primary party