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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 8.4. Commercial Code - Bank Deposits and Collections |
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PART 2. Collection of Items: Depositary and Collecting Banks |
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SECTION 8.4-203. Effect of instructions |
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Subject to Title 8.3A concerning conversion of instruments (§ 8.3A-420 ) and restrictive endorsements (§ 8.3A-420 ), 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. 1964, c. 219; 1992, c. 693. |