Effect of instructions

Subject to Title 8.3A concerning conversion of instruments (§ 8.3A-420 ) and restrictive endorsements (§ 8.3A-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. 1964, c. 219; 1992, c. 693.