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§ 4205. Depositary bank holder of unindorsed item

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 4. Bank Deposits and Collections (Refs & Annos)
Chapter 42. Collection of Items: Depositary and Collecting Banks
13 Pa.C.S.A. § 4205
§ 4205. Depositary bank holder of unindorsed item
Currentness
If a customer delivers an item to a depositary bank for collection:
(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 section 3302 (relating to holder in due course), 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.

Credits

1992, July 9, P.L. 507, No. 97, § 10, effective in one year.
13 Pa.C.S.A. § 4205, PA ST 13 Pa.C.S.A. § 4205
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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