Subject to §§ 501-755 of this title concerning conversion of instruments (§ 670 of this title) and restrictive indorsements (§ 556 of this title), only a collecting bank’s transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior parties for any action taken pursuant to the instructions or in accordance with any agreement with its transferor. History —Aug. 17, 1995, No. 208, § 3-203; Aug. 31, 1996, No. 176, § 3.
Puerto Rico Legal Code