Subject to Article 3 concerning conversion of instruments (Section 3-420) and restrictive indorsements (Section 3-206), 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. (5A Del. C. 1953, § 4-203; 55 Del. Laws, c. 349; 70 Del. Laws, c. 86, § 4.)
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