There is a newer version
of
this Section
2017 Tennessee Code
Title 47 - Commercial Instruments and Transactions
Chapter 4 - Bank Deposits and Collections
Part 2 - Collection of Items -- Depositary and Collecting Banks
§ 47-4-205. Depositary bank holder of unendorsed item.
Universal Citation: TN Code § 47-4-205 (2017)
- 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 § 47-3-302, 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.
Disclaimer: These codes may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
