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 indorses the item, and, if the bank satisfies the other requirements of Code Section 11-3-302, 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 11-4-201 11-4-202 11-4-203 11-4-204 11-4-205 11-4-206 11-4-207 11-4-208 11-4-209 11-4-210 11-4-211 11-4-212 11-4-213 11-4-214 11-4-215 NextLast modified: October 14, 2016