Which of the Following Statements Is True of a Restrictive

Multiple Choice

Which of the following statements is true of a restrictive indorsement?

A) A person who purchases a check indorsed "for collection" automatically converts it even if the indorser received the amount paid for it.
B) If an indorser merely signs his name and does not specify to whom the instrument is payable, he has indorsed the instrument in restriction.
C) A person who takes an instrument with a restrictive indorsement should not pay for the instrument consistently with the indorsement.
D) It includes indorsements for collection, which are commonly put on by banks involved in the collection process, and indorsements for deposit.