554.4205 Depositary bank holder of unendorsed item. 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 notthe customer endorses the item, and, if the bank satisfies the other requirements of section554.3302, 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’saccount. [C66, 71, 73, 75, 77, 79, 81, §554.4205]94 Acts, ch 1167, §92, 122 Sat Dec 23 01:57:21 2023 Iowa Code 2024, Section 554.4205 (24, 0)
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