(1) The possessor of an instrument is deemed to be the lawful holder if he establishes his or her title to the instrument through an uninterrupted series of endorsements. The same shall apply even if the last endorsement is in an informal way.
(2) If an informal endorsement is followed by another endorsement, the endorser of this last endorsement is deemed to have acquired the instrument by the informal endorsement.
(3) Cancelled endorsements are deemed not to be written in connection with the uninterrupted series of endorsements.