Statutes > New Mexico Statutes > Chapter 55 - Uniform Commercial Code. > Article 4 - Bank Deposits and Collections, 55-4-101 through 55-4-504. > Section 55-4-203 - Effect of instructions.

Section 55-4-203 - Effect of instructions.

55-4-203. Effect of instructions.

Subject to Article 3 concerning conversion of instruments (Section 55-3-420 NMSA 1978) and restrictive indorsements (Section 55-3-206 NMSA 1978) 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.