Subject to the provisions concerning conversion of instruments (AS 45.03.420) and restrictive endorsements (AS 45.03.206), 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 an action taken under these instructions or in accordance with an agreement with its transferor.
Structure Alaska Statutes
Chapter 04. Bank Deposits and Collections
Article 2. Collection of Items: Depositary and Collecting Banks.
Sec. 45.04.202. Responsibility for collection or return; when action timely.
Sec. 45.04.203. Effect of instructions.
Sec. 45.04.204. Methods of sending and presenting; sending directly to payor bank.
Sec. 45.04.205. Depositary bank holder of unendorsed item.
Sec. 45.04.206. Transfer between banks.
Sec. 45.04.207. Transfer warranties.
Sec. 45.04.208. Presentment warranties.
Sec. 45.04.209. Encoding and retention warranties.
Sec. 45.04.210. Security interest of collecting bank in items, accompanying documents, and proceeds.
Sec. 45.04.211. When bank gives value for purposes of holder in due course.
Sec. 45.04.213. Medium and time of settlement by bank.
Sec. 45.04.214. Right of charge back or refund; liability of collecting bank; return of item.