Tenn. Code Ann. § 47-4-205

Depositary bank holder of unendorsed item

Known as the Uniform Commercial Code

The act spans §§ 47-1-101 to 47-9-809 (578 sections).

Applied in 1 court decision — leading case Commerce Union Bank v. Welch (In Re Welch) (1982)

Most recently applied in Commerce Union Bank v. Welch (In Re Welch) (October 1982)

Acts 1963, ch. 81, § 1 (4-205); 1995, ch. 397, § 3.

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 endorses the item, and, if the bank satisfies the other requirements of § 47-3-302, 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: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.