Section 4--201. Presumption and Duration of Agency Status of Collecting Banks and Provisional Status of Credits; Applicability of Article; Item Indorsed "Pay Any Bank"

(1) Unless a contrary intent clearly appears and  prior  to  the  time
  that  a  settlement given by a collecting bank for an item is or becomes
  final (subsection (3) of Section 4--211 and Sections 4--212 and  4--213)
  the  bank  is  an  agent  or  sub-agent 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  of right or is in fact withdrawn; but the continuance of ownership of an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 valid rights of setoff. When an
  item is handled by  banks  for  purposes  of  presentment,  payment  and
  collection,  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.
    (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
         (a) until the item has been returned to the  customer  initiating
             collection; or
         (b) until  the  item  has  been specially indorsed by a bank to a
             person who is not a bank.