Section 4--203. Effect of Instructions. Subject  to  the  provisions  of  Article  3  concerning conversion of  instruments (Section 3--419) and the provisions of both  Article  3  and  this  Article  concerning  restrictive  indorsements  only  a collecting  bank's transferor  can  give  instructions  which  affect  the  bank  or  constitute  notice  to  it  and a collecting bank is not liable to prior  parties for any  action  taken  pursuant  to  such  instructions  or  in  accordance with any agreement with its transferor.