Article 524 of Commercial Code

1 - A cheque stipulated to be payable to a named person, whether or not it expressly includes an order clause, shall be negotiable by endorsement. 2 - A cheque stipulated to be payable to a named person and bearing the phrase (not to order), or any other phrase having this meaning, may be negotiated only in accordance with the provisions governing assignment of rights. - Endorsement may be made even to the drawer or to any other obligor, and these persons may endorse the cheque anew.