§490:4-203  Effect of instructions.  Subject
to article 3 concerning conversion of instruments (section 490:3-420) and
restrictive indorsements (section 490:3-206), 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. [L 1965, c 208, §4-203; HRS §490:4-203; am L 1991, c 118, pt of §4]