Sec. 203. Subject to of IC 26-1-3.1-420 concerning conversion of instruments and the provisions of both IC 26-1-3.1 and IC 26-1-4 concerning restrictive endorsements ( IC 26-1-3.1-206 ), 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. Formerly: Acts 1963, c.317, s.4-203. As amended by P.L.152-1986, SEC.215; P.L.222-1993, SEC.19.
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