N.Y. Uniform Commercial Code Law § 4-205: Supplying Missing Indorsement; No Notice From Prior Indorsement

Section 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.