Miss. Code Ann. § 75-4-205

Depositary bank holder of unindorsed item

Known as the Uniform Commercial Code

The act spans §§ 75–75 (480 sections).

Applied in 1 court decision — leading case 891 So. 2d 241 - Holifield v. BancorpSouth, Inc. (2004)

Most recently applied in 891 So. 2d 241 - Holifield v. BancorpSouth, Inc. (August 2004)

Codes, 1942, § 41A:4-205; Laws, 1966, ch. 316, § 4-205; Laws, 1992, ch. 420, § 87, eff from and after January 1, 1993.

If a customer delivers an item to a depositary bank for collection:

(1) The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer indorses the item, and, if the bank satisfies the other requirements of Section 75-3-302, it is a holder in due course; and

(2) The depositary bank warrants to collecting banks, the payor bank or other payor, and the drawer that the amount of the item was paid to the customer or deposited to the customer’s account.

Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.