) No restrictive indorsement prevents further transfer or negotia- tion of the instrument.
(2) An intermediary bank, or a payor bank which is not the depositary bank, is neither given notice nor otherwise affected by a restrictive indorsement of any person except the bank’s immediate transferor or the person presenting for payment.

(3) Except for an intermediary bank any transferee under an indorsement which is conditional or includes the words Afor collection,@ Afor deposit,@ Apay any bank,@ or like terms (paragraphs (a) and (c) of
Section 3205) must pay or apply any value given by him for or on the security of the instrument consistently with the indorsement and to the extent that he does so he becomes a holder for value. In addition such transferee is a holder in due course if he otherwise complies with the requirements of Section 3302 on what constitutes a holder in due course.
(4) The first taker under an indorsement for the benefit of the indorser or another person (paragraph (d) of Section 3205) must pay or apply any value given by him for or on the security of the instrument consistently with the indorsement and to the extent that he does so he becomes a holder for value. In addition such taker is a holder in due course if he otherwise complies with the requirements of Section 3302 on what constitutes a holder in due course. A later holder for value is neither given notice nor otherwise affected by such restrictive in- dorsement unless he has knowledge that a fiduciary or other person has negotiated the instrument in any transaction for his own benefit or otherwise in breach of duty (subdivision (2) of Section 3304).