§ 8.4-201. Status of collecting bank as agent and provisional status of credits; applicability of title; item endorsed “pay any bank.”
(a) Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes final, the bank, with respect to the item, is an agent or subagent of the owner of the item and any settlement given for the item is provisional. This provision […]
§ 8.4-202. Responsibility for collection or return; when action timely
(a) A collecting bank must exercise ordinary care in: (1) presenting an item or sending it for presentment; (2) sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank’s transferor after learning that the item has not been paid or accepted, as the case may be; (3) […]
§ 8.4-203. Effect of instructions
Subject to Title 8.3A concerning conversion of instruments (§ 8.3A-420) and restrictive endorsements (§ 8.3A-206), only a collecting bank’s transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior parties for any action taken pursuant to the instructions or in accordance with any […]
§ 8.4-204. Methods of sending and presenting; sending directly to payor bank
(a) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved and the method generally used by it or others to present those items. (b) A collecting bank may send: (1) an […]
§ 8.4-109. Repealed
Repealed by Acts 1992, c. 693, effective January 1, 1993.
§ 8.4-110. Electronic presentment
(a) “Agreement for electronic presentment” means an agreement, clearing-house rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item (“presentment notice”) rather than delivery of the item itself. The agreement may provide for procedures governing […]
§ 8.4-106. Separate office of a bank
A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notices or orders must be given under this title and under Title 8.3A. 1964, c. 219; 1987, c. 180; 1992, c. […]
§ 8.4-107. Time of receipt of items
(a) For the purpose of allowing time to process items, prove balances and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of 2 p.m. or later as a cutoff hour for the handling of money and items and the making of entries […]
§ 8.4-108. Delays
(a) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank, and with or without the approval of any person involved, may, waive, modify or extend time limits imposed or permitted by this title for a period not exceeding […]
§ 8.4-102. Applicability
(a) To the extent that items within this title are also within the scope of Titles 8.3A and 8.8A, they are subject to those titles. If there is conflict this title governs Title 8.3A but Title 8.8A governs this title. (b) The liability of a bank for action or nonaction with respect to an item […]