(1) The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer indorses the item; and, if the bank satisfies the other requirements of s. 673.3021, it is a holder in due course; and
(2) The depositary bank warrants to collecting banks, the payor bank or other payor, and the drawer that the amount of the item was paid to the customer or deposited to the customer’s account.
History.—s. 1, ch. 65-254; s. 23, ch. 92-82.
Note.—s. 4-205, U.C.C.
Structure Florida Statutes
Title XXXIX - Commercial Relations
Chapter 674 - Uniform Commercial Code: Bank Deposits and Collections
Part II - Collection of Items: Depositary and Collecting Banks (Ss. 674.201-674.216)
674.202 - Responsibility for collection or return; when action timely.
674.203 - Effect of instructions.
674.204 - Methods of sending and presenting; sending directly to payor bank.
674.205 - Depositary bank holder of unindorsed item.
674.206 - Transfer between banks.
674.207 - Transfer warranties.
674.2081 - Presentment warranties.
674.2091 - Encoding and retention warranties.
674.2101 - Security interest of collecting bank in items, accompanying documents, and proceeds.
674.2111 - When bank gives value for purposes of holder in due course.
674.2131 - Medium and time of settlement by bank.
674.2141 - Right of charge-back or refund; liability of collecting bank; return of item.