674.501 – Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.
674.501 Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.—A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of […]
674.502 – Presentment of “on arrival” drafts.
674.502 Presentment of “on arrival” drafts.—If a draft or the relevant instructions require presentment “on arrival,” “when goods arrive,” or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; […]
674.503 – Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.
674.503 Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.—Unless otherwise instructed and except as provided in chapter 675, a bank presenting a documentary draft: (1) Must deliver the documents to the drawee on acceptance of the draft if it is payable more than 3 days after presentment; […]
674.504 – Privilege of presenting bank to deal with goods; security interest for expenses.
674.504 Privilege of presenting bank to deal with goods; security interest for expenses.— (1) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner. (2) For its reasonable expenses incurred by […]
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 […]
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 […]