New Jersey § 12A:4-205 Depositary bank holder of unindorsed item

New Jersey Statutes

§ 12A:4-205 — Depositary bank holder of unindorsed item

New Jersey § 12A:4-205

Title 12ACOMMERCIAL TRANSACTIONS

This text of New Jersey § 12A:4-205 (Depositary bank holder of unindorsed item) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 12A:4-205 (2026).

Text

If a customer delivers an item to a depositary bank for collection: a. 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 12A:3-302, it is a holder in due course; and b. 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.1995,c.28,s.2.

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If a customer delivers an item to a depositary bank for collection: a. 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 12A:3-302, it is a holder in due course; and b. 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.1995,c.28,s.2.