New York Uniform Commercial Code Law Section 4-203 - Effect of Instructions.

Section 4--203. Effect of Instructions.

Subject to the provisions of Article 3 concerning conversion of instruments (Section 3--419) and the provisions of both Article 3 and this Article concerning restrictive indorsements only a collecting bank's transferor can give instructions which affect the bank or constitute notice to it and a collecting bank is not liable to prior parties for any action taken pursuant to such instructions or in accordance with any agreement with its transferor.


Last modified: February 3, 2019