US Laws, Codes, Statutes & Cases

3240.  The holder or transferor of a negotiable instrument
transferred to a bank for collection has a preferred claim in the
amount of the liability of such bank on such instrument if the
instrument was forwarded to the bank by any person or by any other
bank for collection and remittance, if payment therefor has not been
made and if the same has been collected either in whole or in part by
such bank, unless the holder or transferor is a voluntary depositor
in the bank and the proceeds of the collection, at his request, have
been credited by the bank to his account.