Status of collecting bank as agent and provisional status of credits; applicability of chapter; item indorsed "pay any bank."

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(2) After an item has been indorsed with the words "pay any bank" or the like, only a bank may acquire the rights of a holder until the item has been:

(a) Returned to the customer initiating collection; or

(b) Specially indorsed by a bank to a person who is not a bank. [1961 c.726 §74.2010; 1993 c.545 §84]

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