Florida Statute 674.205 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 674
UNIFORM COMMERCIAL CODE: BANK DEPOSITS AND COLLECTIONS

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674.205 Depositary bank holder of unindorsed item.—If a customer delivers an item to a depositary bank for collection:

(1) The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer indorses the item; and, if the bank satisfies the other requirements of s. 673.3021, it is a holder in due course; and

(2) The depositary bank warrants to collecting banks, the payor bank or other payor, and the drawer that the amount of the item was paid to the customer or deposited to the customer’s account.

History.—s. 1, ch. 65-254; s. 23, ch. 92-82.

Note.—s. 4-205, U.C.C.

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Amendments to 674.205

Annotations, Discussions, Cases:

Cases Citing Statute 674.205

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Sec. Inv. Prot. Corp. v. Capital City Bank (In Re Meridian Asset Mgmt., Inc.), 296 B.R. 243 (Bankr. N.D. Fla. 2003).

Cited 4 times | Published | United States Bankruptcy Court, N.D. Florida | 16 Fla. L. Weekly Fed. B 191, 2003 Bankr. LEXIS 835, 2003 WL 21729750

...City knew of Meridian's fiduciary status and that Capital City had notice of Meridian's breach of fiduciary duties with its customers yet took no action, thereby breaching their duties. Count Seven, Breach of Warranty states: pursuant to Fla. Stat. § 674.205, by accepting the deposits by McEachin and Meridian for collection, the Bank warranted to the payor Plaintiffs that the amount of the deposited items were paid to the proper accounts....

...is bringing six Counts instead of the previous seven. "SIPC brought its six count complaint against CCB in two capacities." (Docket # 20, Response, pg. 1). Further, in the "argument" section of the Response there is no discussion of Florida Statute § 674.205 or breach of warranty....