(810 ILCS 5/4-203)
(from Ch. 26, par. 4-203)
Effect of instructions.
Subject to Article
3 concerning conversion of instruments (Section 3-420) and restrictive
indorsements (Section 3-206), 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 the instructions or in accordance with any agreement
with its transferor.
(Source: P.A. 87-582; 87-1135.)