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(1)An indorsement in blank specifies no indorsee, and a bill so indorsed becomes payable to bearer.
(2)A special indorsement specifies the person to whom, or to whose order, the bill is to be payable.
(3)The provisions of this Act relating to a payee apply with the necessary modifications to an indorsee under a special indorsement.
(4)When a bill has been indorsed in blank, any holder may convert the blank indorsement into a special indorsement by writing above the indorser’s signature a direction to pay the bill to or to the order of himself or some other person.
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