§12A-4-201.

§12A-4-201.
   
                            STATUS OF COLLECTING
                                      
              BANK AS AGENT AND PROVISIONAL STATUS OF CREDITS;
                                      
           APPLICABILITY OF ARTICLE; ITEM ENDORSED "PAY ANY BANK"
                                      
   (a) Unless a contrary intent clearly appears and before the time that
   a settlement given by a collecting bank for an item is or becomes
   final, the bank, with respect to the item, is an agent or subagent of
   the owner of the item and any settlement given for the item is
   provisional. This provision applies regardless of the form of
   indorsement or lack of indorsement and even though credit given for
   the item is subject to immediate withdrawal as of right or is in fact
   withdrawn; but the continuance of ownership of an item by its owner
   and any rights of the owner to proceeds of the item are subject to
   rights of a collecting bank, such as those resulting from outstanding
   advances on the item and rights of recoupment or setoff. If an item is
   handled by banks for purposes of presentment, payment, collection, or
   return, the relevant provisions of this article apply even though
   action of parties clearly establishes that a particular bank has
   purchased the item and is the owner of it.
   
   (b) After an item has been indorsed with the words "pay any bank" or
   the like, only a bank may acquire the rights of a holder until the
   item has been:
   
   (1) returned to the customer initiating collection; or
   
   (2) specially indorsed by bank to a person who is not a bank.