404.203 Effect of instructions. Subject to s. 403.420 concerning conversion of instruments and to s. 403.206 concerning restrictive endorsements, 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. History: 1995 a. 449; 2005 a. 253.
SUBCHAPTER II COLLECTION OF ITEMS: DEPOSITARY AND COLLECTING BANKS