Maine Revised Statutes
Part 2: COLLECTION OF ITEMS; DEPOSITARY AND COLLECTING BANKS
11 §4-201. Status of collecting bank as agent and provisional status of credits; applicability of Article; item indorsed "pay any bank"

§4-201. Status of collecting bank as agent and provisional status of credits; applicability of Article; item indorsed "pay any bank"
(1).  Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes final, the bank, with respect to the item, is an agent or subagent of the owner of the item and any settlement given for the item is provisional. This provision applies regardless of the form of indorsement or lack of indorsement and even though credit given for the item is subject to immediate withdrawal as of right or is in fact withdrawn; but the continuance of ownership of an item by its owner and any rights of the owner to proceeds of the item are subject to rights of a collecting bank, such as those resulting from outstanding advances on the item and rights of recoupment or setoff. If an item is handled by banks for purposes of presentment, payment, collection or return, the relevant provisions of this Article apply even though action of the parties clearly establishes that a particular bank has purchased the item and is the owner of it.  
[PL 1993, c. 293, Pt. B, §18 (AMD).]
(2).  After an item has been indorsed with the words "pay any bank" or the like, only a bank may acquire the rights of a holder until the item has been:  
(a). Returned to the customer initiating collection; or   [PL 1993, c. 293, Pt. B, §18 (AMD).]
(b). Specially indorsed by a bank to a person who is not a bank.   [PL 1993, c. 293, Pt. B, §18 (AMD).]
[PL 1993, c. 293, Pt. B, §18 (AMD).]
SECTION HISTORY
PL 1979, c. 541, §A107 (AMD). PL 1993, c. 293, §B18 (AMD).

Structure Maine Revised Statutes

Maine Revised Statutes

TITLE 11: UNIFORM COMMERCIAL CODE

Article 4: BANK DEPOSITS AND COLLECTIONS

Part 2: COLLECTION OF ITEMS; DEPOSITARY AND COLLECTING BANKS

11 §4-201. Status of collecting bank as agent and provisional status of credits; applicability of Article; item indorsed "pay any bank"

11 §4-202. Responsibility for collection or return; when action timely

11 §4-203. Effect of instructions

11 §4-204. Methods of sending and presenting; sending directly to payor bank

11 §4-205. Depositary bank holder of unindorsed item

11 §4-206. Transfer between banks

11 §4-207. Warranties of customer and collecting bank on transfer or presentment of items; time for claims (REPEALED)

11 §4-207-A. Transfer warranties

11 §4-207-B. Presentment warranties

11 §4-207-C. Encoding and retention warranties

11 §4-208. Security interest of collecting bank in items, accompanying documents and proceeds

11 §4-209. When bank gives value for purposes of holder in due course

11 §4-210. Presentment by notice of item not payable by, through or at a bank; liability of drawer or indorser

11 §4-211. Media of remittance; provisional and final settlement in remittance cases (REPEALED)

11 §4-211-A. Medium and time of settlement by bank

11 §4-212. Right of charge-back or refund; liability of collecting bank; return of item

11 §4-213. Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal

11 §4-214. Insolvency and preference