Colorado § 4-4-205 Depositary bank holder of unindorsed item

Colorado Statutes

§ 4-4-205 — Depositary bank holder of unindorsed item

Colorado·Title 04 Uniform·Art. Bank Deposits and Collections

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 indorses the item, and, if the bank satisfies the other requirements of section 4-3-302, 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.

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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 indorses the item, and, if the bank satisfies the
other requirements of section 4-3-302, 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.

Colorado § 4-4-205 (Depositary bank holder of unindorsed item) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.