§ 8.4-302. Payor bank’s responsibility for late return of item
(a) If an item is presented and received by a payor bank, the bank is accountable for the amount to: (1) a demand item, other than a documentary draft, whether properly payable or not if the bank, in any case where it is not also the depositary bank, retains the item beyond midnight of the […]
§ 8.4-303. When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified
(a) Any knowledge, notice or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank, comes too late to terminate, suspend or modify the bank’s right or duty to pay an item or to charge its customer’s account for the item if the knowledge, notice, stop-payment order or legal process […]
§ 8.4-401. When bank may charge customer’s account
(a) A bank may charge against the account of a customer an item that is properly payable from that account even though the charge creates an overdraft. An item is properly payable if it is authorized by the customer and is in accordance with any agreement between the customer and the bank. (b) A customer […]
§ 8.4-402. Bank’s liability to customer for wrongful dishonor; time of determining insufficiency of account
(a) Except as otherwise provided in this title, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but a bank may dishonor an item that would create an overdraft unless it has agreed to pay the overdraft. (b) A payor bank is liable to its customer for damages […]
§ 8.4-213. Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal
(a) An item is finally paid by a payor bank when the bank has first done any of the following: (1) paid the item in cash; (2) settled for the item without having a right to revoke the settlement under statute, clearing-house rule, or agreement; or (3) made a provisional settlement for the item and […]
§ 8.4-214. Insolvency and preference
(a) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, the item must be returned by the receiver, trustee, or agent in charge of the closed bank to the presenting bank or the closed bank’s customer. (b) […]
§ 8.4-211. Repealed
Repealed by Acts 1992, c. 693, effective January 1, 1993.
§ 8.4-211.1. Medium and time of settlement by bank
(a) With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, and the like, or agreement. In the absence of such prescription: (1) the medium of settlement is cash or credit to an account in a Federal Reserve bank of or […]
§ 8.4-212. Right of charge-back or refund; liability of collecting banks; return of item
(a) If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by a bank or otherwise to receive a settlement for the item which is or becomes final, the bank may revoke the settlement given by it, charge-back the amount of any […]
§ 8.4-207.2. Presentment warranties
(a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, (i) the person obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft, at the time of transfer, warrant to the drawee that pays or accepts […]