N.J.S.A. 12A:4-205 — Depositary bank holder of unindorsed item

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

This is the verbatim text of N.J.S.A. 12A:4-205, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.