Restrictive indorsement. An indorsement so worded as to restrict the further negotiability of the
instrument. The words "For collection" written on a promissory note render the instrument
restrictive. The indorser in such a case may hold that he is not the owner of the note and did not
mean to give title to it or to its proceeds when collected; such an indorsement merely makes the
indorsee agent for the indorser in collecting the note.