Article 421 of Commercial Code

1 - Every bill of exchange, even if it does not expressly state that it is drawn to order, may be negotiated by endorsement. 2 - A bill of exchange in which its drawer inserts the expression “not to order” or any other expression conveying this meaning may not be negotiated except in accordance with the provisions governing assignment of rights. 3 - Endorsement may be made to the drawee, whether in the bill of exchange or he has not accepted it; endorsement may also be made to the drawer or any other person liable, and all these persons may endorse the bill of exchange anew.