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The instrument says: The amount of 5000 Pesos is payable on demand to the ORDER of X or BEARER. This was signed by the maker.

The instrument says: The amount of 5000 Pesos is payable on demand to the ORDER of X or BEARER. This was signed by the maker. X further negotiated the instrument to Y without any endorsement (which is needed in order instruments).

Question: Does Y have any right over the instrument against the maker even without the endorsement of X? Explain.

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