MARVIN MANDEL, Governor

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any non-bank payor, if authorized by federal reserve
regulation or operating letter, clearing house rule or
the like.

(3) Presentment may be made by a presenting bank at
a place where the payor bank has requested that
presentment be made.

4—205. Supplying missing indorsement; no notice from
prior indorsement.

(1)    A depositary bank which has taken an item for
collection may supply any indorsement of the customer
which is necessary to title unless the item contains the
words "payee's indorsement required" or the like. In
the absence of such a requirement a statement placed on
the item by the depositary bank to the effect that the
item was deposited by a customer or credited to his
account is effective as the customer's indorsement.

(2)   An intermediary bank, or payor bank which is
not a depositary bank, is neither given notice nor
otherwise affected by a restrictive indorsement of any
person except the bank's immediate transferor.

4—206. Transfer between banks.

Any agreed method which identifies the transferor
bank is sufficient for the item's further transfer to
another bank.

4—207. Warranties of customer and collecting bank on
transfer or presentment of items; time for claims.

(1) Each customer or collecting bank who obtains
payment or acceptance of an item and each prior customer
and collecting bank warrants to the payor bank or other
payor who in good faith pays or accepts the item that

(a)    Re has a good title to the item or is
authorized to obtain payment or acceptance on behalf of
one who has a good title; and

(b)   Re has no knowledge that the signature of
the maker or drawer is unauthorized, except that this
warranty is not given by any customer or collecting bank
that is a holder in due course and acts in good faith

(i) To a maker with respect to the maker's
own signature; or

(ii) To a drawer with respect to the drawer's
own signature, whether or not the drawer is also the
drawee; or