Sec. 203. Subject to of IC 26-1-3.1-420 concerning conversion of instruments and the provisions of both IC 26-1-3.1 and IC 26-1-4 concerning restrictive endorsements (IC 26-1-3.1-206), 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.
Ind. Code § 26-1-4-203
Effect of instructions
Known as the Uniform Commercial Code
The act spans §§ 26-1-1-0.2 to 26-1-9.1-902 (630 sections).
Formerly: Acts 1963, c.317, s.4-203
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.