§ 8.4-205. Repealed
Repealed by Acts 1992, c. 693, effective January 1, 1993.
§ 8.4-205.1. Depositary bank holder of unendorsed item
If a customer delivers an item to a depositary bank for collection: (1) the depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of the delivery was a holder of the item, whether or not the customer endorses the item, and, […]
§ 8.4-206. Transfer between banks
Any agreed method that identifies the transferor bank is sufficient for the item’s further transfer to another bank. 1964, c. 219; 1992, c. 693.
§ 8.4-207. Repealed
Repealed by Acts 1992, c. 693, effective January 1, 1993.
§ 8.4-207.1. Transfer warranties
(a) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any subsequent collecting bank that: (1) the warrantor is a person entitled to enforce the item; (2) all signatures on the item are authentic and authorized; (3) the item has not been […]
§ 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 […]
§ 8.4-201. 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 […]