N.Y. U.C.C. 3-202

Section 3--202. Negotiation.\n (1) Negotiation is the transfer of an instrument in such form that the\ntransferee becomes a holder. If the instrument is payable to order it is\nnegotiated by delivery with any necessary indorsement; if payable to\nbearer it is negotiated by delivery.\n (2) An indorsement must be written by or on behalf of the holder and\non the instrument or on a paper so firmly affixed thereto as to become a\npart thereof.\n (3) An indorsement is effective for negotiation only when it conveys\nthe entire instrument or any unpaid residue. If it purports to be of\nless it operates only as a partial assignment.\n (4) Words of assignment, condition, waiver, guaranty, limitation or\ndisclaimer of liability and the like accompanying an indorsement do not\naffect its character as an indorsement.\n