Subject to chapter 3 of this title concerning conversion of instruments (section 47-3420) and restrictive indorsements (section 47-3206), 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.

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Terms Used In Arizona Laws 47-4203

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215