Effective - 28 Aug 1992
400.4-203. Effect of instructions. — Subject to article 3 concerning conversion of instruments (Section 400.3-420) and restrictive endorsements (Section 400.3-206), 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.
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(L. 1963 p. 503 § 4-203, A.L. 1992 S.B. 448)