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 […]
674.207 – 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 […]
674.2081 – Presentment warranties.
674.2081 Presentment warranties.— (1) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the time of transfer, warrant to the drawee who pays or accepts the […]
674.2091 – Encoding and retention warranties.
674.2091 Encoding and retention warranties.— (1) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a depositary bank encodes, that bank also makes the warranty. (2) A person who […]
674.2101 – Security interest of collecting bank in items, accompanying documents, and proceeds.
674.2101 Security interest of collecting bank in items, accompanying documents, and proceeds.— (1) A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either: (a) In case of an item deposited in an account, to the extent to which credit given for the item has been withdrawn or applied; (b) In […]
674.2111 – When bank gives value for purposes of holder in due course.
674.2111 When bank gives value for purposes of holder in due course.—For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of s. 673.3021 on what constitutes a holder in […]
674.2121 – Presentment by notice of item not payable by, through, or at a bank; liability of drawer or indorser.
674.2121 Presentment by notice of item not payable by, through, or at a bank; liability of drawer or indorser.— (1) Unless otherwise instructed, a collecting bank may present an item not payable by, through, or at a bank by sending to the party to accept or pay a written notice that the bank holds the item for […]
674.2131 – Medium and time of settlement by bank.
674.2131 Medium and time of settlement by bank.— (1) With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearinghouse rules, and the like, or agreement. In the absence of such prescription: (a) The medium of settlement is cash or credit to an account in a […]
674.2141 – Right of charge-back or refund; liability of collecting bank; return of item.
674.2141 Right of charge-back or refund; liability of collecting bank; return of item.— (1) 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 settlement for the item which is or becomes final, the bank may revoke […]