Article 430 of Commercial Code

1 - If the endorsement contains the expression - value for collection» or «value for receipt» or «agency or any other statement indicating agency, the holder may exercise all rights arising from the bill of exchange, but may endorse it only by way of agency. 2 - In this case, the obligors may assert against the holder only those defences that may be asserted against the endorser. - The agency contained in an endorsement by way of agency shall not terminate upon the death of the principal or the occurrence of anything impairing his capacity.