Subject to Title 8.3A concerning conversion of instruments (§ 8.3A-420) and restrictive endorsements (§ 8.3A-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 any action taken pursuant to the instructions or in accordance with any agreement with its transferor.
1964, c. 219; 1992, c. 693.
Structure Code of Virginia
Title 8.4 - Commercial Code - Bank Deposits and Collections
§ 8.4-202. Responsibility for collection or return; when action timely
§ 8.4-203. Effect of instructions
§ 8.4-204. Methods of sending and presenting; sending directly to payor bank
§ 8.4-205.1. Depositary bank holder of unendorsed item
§ 8.4-206. Transfer between banks
§ 8.4-207.1. Transfer warranties
§ 8.4-207.2. Presentment warranties
§ 8.4-207.3. Encoding and retention warranties
§ 8.4-208. Security interest of collecting bank in items, accompanying documents and proceeds
§ 8.4-209. When bank gives value for purposes of holder in due course
§ 8.4-211.1. Medium and time of settlement by bank
§ 8.4-212. Right of charge-back or refund; liability of collecting banks; return of item