Subject to chapter 3 of this title concerning conversion of instruments (section 47-3420) and restrictive indorsements (section 47-3206), 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.

Terms Used In Arizona Laws 47-4203

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215