Article 6. Priorities of California Financial Code >> Division 1. >> Chapter 7. >> Article 6.
The holder or transferor of a negotiable instrument
transferred to a licensee for collection has a preferred claim in the
amount of the liability of the licensee on the instrument if the
instrument was forwarded to the licensee by any person or by any
other financial institution for collection and remittance, if payment
therefor has not been made and if the same has been collected either
in whole or in part by the licensee, unless the holder or transferor
is a voluntary depositor in the licensee and the proceeds of the
collection, at his or her request, have been credited by the licensee
to his or her account.