(2) 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:
(a) Returned to the customer initiating collection; or
(b) Specially indorsed by a bank to a person who is not a bank. [1961 c.726 §74.2010; 1993 c.545 §84]
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