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2017 Missouri Revised Statutes
Title XXVI TRADE AND COMMERCE
Chapter 400 Uniform Commercial Code
Section 400.4-205 Depositary bank holder of unendorsed item.
Universal Citation: MO Rev Stat § 400.4-205 (2017)
Effective 28 Aug 1992
Title XXVI TRADE AND COMMERCE
Chapter 400400.4-205. 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 400.3-302, 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.
(L. 1963 p. 503 § 4-205, A.L. 1992 S.B. 448)
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