N.Y. Uniform Commercial Code 4-203 – Effect of Instructions
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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.