336.4-205 DEPOSITARY BANK HOLDER OF UNENDORSED ITEM.
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 endorses the item, and, if the bank satisfies the other requirements of section
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.
History: 1965 c 811 s 336.4-205; 1986 c 444; 1992 c 565 s 87