The amount of the bill cannot be endorsed by more than two people. The Negotiable Instruments Law stipulates:
1. An endorsement that transfers the amount of the instrument to more than two people is invalid;
2. An endorsement that transfers the amount of the instrument to one person is valid;
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3. If the drawer records "not transferable" and then endorses the transfer later, it will be valid.
3.1 A’s endorsement to B states that it is not transferable, and B’s endorsement to C is valid.
3.2 When C cannot accept the payment, he can only seek recourse from B, not A.
(If it is not stated that transfer is not allowed, C can seek recourse from A or B);
4. There are conditions attached to the endorsement. The endorsement is valid but the conditions are invalid.