Article 431 of Commercial Code

1 - If the endorsement contains the expression (value as security» or «value in pledge or any other statement indicating a pledge, the holder may exercise all rights arising from the bill of exchange; if he endorses it, the endorsement shall be deemed made by way of agency. 2 - The debtor under the bill of exchange may not invoke against the holder defences set out on his personal relationship with the endorser, unless the holder intended, when obtaining it, to harm the debtor. Chapter Two Guarantees of Payment of the Bill of Exchange Section One Cover for Payment