New Jersey Statutes 12A:4-203. Effect of instructions
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Terms Used In New Jersey Statutes 12A:4-203
- Bank: means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company. See New Jersey Statutes 12A:4-105
- Collecting bank: means a bank handling an item for collection except the payor bank. See New Jersey Statutes 12A:4-105
Subject to the provisions of chapter 3 concerning conversion of instruments (12A:3-420) and restrictive indorsements (12A: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.
L.1995,c.28,s.2.