M drew a cheque amounting to Rs. 2 lakh payable to N and subsequently delivered to him. After receipt of cheque N endorsed the same to C but kept it in his safe locker. After sometime, N died, and P found the cheque in N's safe locker. State the nature of the Instrument as amounting to indorsement under the Negotiable Instruments Act, 1881.

A. Yes its an endorsement, as P becomes the holder of the cheque that he found in the N's safe locker

B. No, its not an endorsement, as P does not become the holder of the cheque

C. Yes, its an endorsement, as P was a ultimate custodian of the cheque

D. No, its not an endorsement, as Nendorsed it to Cand not to the P

Answer: Option B