2006 New York Code - Depositary And Collecting Banks

 
  Section 4--203. Effect of Instructions.
    Subject  to  the  provisions  of  Article  3  concerning conversion of
  instruments (Section 3--419) and the provisions of both  Article  3  and
  this  Article  concerning  restrictive  indorsements  only  a collecting
  bank's transferor  can  give  instructions  which  affect  the  bank  or
  constitute  notice  to  it  and a collecting bank is not liable to prior
  parties for any  action  taken  pursuant  to  such  instructions  or  in
  accordance with any agreement with its transferor.