Melvin executed and delivered to Dawkins a negotiable promissory note payable to the order of Dawkins as payment for one hundred bushels of wheat Dawkins had sold to Melvin. Dawkins indorsed the note ‘‘Pay to Hersey only, (signed) Dawkins’’ and sold it to Hersey. Hersey then sold the note to Smith after indorsing it ‘‘Pay to Smith, (signed) Hersey.’’ What rights, if any, does Smith acquire in the instrument?