674.215 – Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
674.215 Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.— (1) An item is finally paid by a payor bank when the bank has first done any of the following: (a) Paid the item in cash; (b) Settled for the item without having a right to revoke […]
674.216 – Insolvency and preference.
674.216 Insolvency and preference.— (1) 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 […]
674.301 – Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
674.301 Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.— (1) If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payor bank may revoke the […]
674.302 – Payor bank’s responsibility for late return of item.
674.302 Payor bank’s responsibility for late return of item.— (1) If an item is presented to and received by a payor bank, the bank is accountable for the amount of: (a) A demand item, other than a documentary draft, whether properly payable or not, if the bank, in any case in which it is not also the depositary […]
674.303 – When items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified.
674.303 When items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified.— (1) 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 […]
674.401 – When bank may charge customer’s account.
674.401 When bank may charge customer’s account.— (1) 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 […]
674.402 – Bank’s liability to customer for wrongful dishonor; time of determining insufficiency of account.
674.402 Bank’s liability to customer for wrongful dishonor; time of determining insufficiency of account.— (1) Except as otherwise provided in this chapter, 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 […]
674.403 – Customer’s right to stop payment; burden of proof of loss.
674.403 Customer’s right to stop payment; burden of proof of loss.— (1) A customer or any person authorized to draw on the account if there is more than one person may stop payment of any item drawn on the customer’s account or close the account by a written order to the bank describing the item or account […]
674.207 – Transfer warranties.
674.207 Transfer warranties.— (1) 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: (a) The warrantor is a person entitled to enforce the item; (b) All signatures on the item are authentic and authorized; (c) The item has not been altered; (d) The […]
674.404 – Bank not obliged to pay check more than 6 months old.
674.404 Bank not obliged to pay check more than 6 months old.—A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than 6 months after its date; but it may charge its customer’s account for a payment made thereafter in […]