554.4203  Effect of instructions.

Subject to Article 3 concerning conversion of instruments (section 554.3420) and restrictive endorsements (section 554.3206), only a collecting bank's transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior parties for any action taken pursuant to the instructions or in accordance with any agreement with its transferor.

Section History: Early form

  [C66, 71, 73, 75, 77, 79, 81, § 554.4203]

Section History: Recent form

  94 Acts, ch 1167, §90, 122


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