If a customer delivers an item to a depositary bank for collection
(1) the depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer endorses the item, and, if the bank satisfies the other requirements of AS 45.03.302, it is a holder in due course; and
(2) the depositary bank warrants to collecting banks, the payor bank or other payor, and the drawer that the amount of the item was paid to the customer or deposited to the customer's account.
Section: Previous 45.04.201 45.04.202 45.04.203 45.04.204 45.04.205 45.04.206 45.04.207 45.04.208 45.04.209 45.04.210 45.04.211 45.04.212 45.04.213 45.04.214 45.04.215 NextLast modified: November 15, 2016