§ 34.1-4-205 — Depositary bank holder of unindorsed item

(a) If a customer delivers an item to a depositary bank
for collection:
(i) 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 34.1-3-302, it is a holder in due
course; and
(ii) 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.