N.Y. U.C.C. 3-117

Section 3--117. Instruments Payable With Words of Description.\n An instrument made payable to a named person with the addition of\nwords describing him\n (a) as agent or officer of a specified person is payable to his\nprincipal but the agent or officer may act as if he were the holder;\n (b) as any other fiduciary for a specified person or purpose is\npayable to the payee and may be negotiated, discharged or enforced by\nhim;\n (c) in any other manner is payable to the payee unconditionally and\nthe additional words are without effect on subsequent parties.\n