4-203 - Effect of Instructions. - New York Statutes

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.