§490:4-203 Effect of instructions. Subject to article 3 concerning conversion of instruments (section 490:3-420) and restrictive indorsements (section 490:3-206), 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. [L 1965, c 208, §4-203; HRS §490:4-203; am L 1991, c 118, pt of §4]