Section 28-4-101 – SHORT TITLE.

28-4-101. SHORT TITLE. This chapter may be cited as Uniform Commercial Code — Bank Deposits and Collections. History: [28-4-101, added 1967, ch. 161, sec. 4-101, p. 351; am. 1993, ch. 288, sec. 3, p. 1053.]

Section 28-4-102 – APPLICABILITY.

28-4-102. APPLICABILITY. (1) To the extent that items within this chapter are also within chapters 3 and 8, they are subject to the provisions of those chapters. If there is conflict, the provisions of this chapter govern those of chapter 3, but the provisions of chapter 8 govern those of this chapter. (2) The liability […]

Section 28-4-103 – VARIATION BY AGREEMENT — MEASURE OF DAMAGES — CERTAIN ACTION CONSTITUTING ORDINARY CARE.

28-4-103. VARIATION BY AGREEMENT — MEASURE OF DAMAGES — CERTAIN ACTION CONSTITUTING ORDINARY CARE. (1) The effect of the provisions of this chapter may be varied by agreement, but the parties to the agreement cannot disclaim a bank’s responsibility for its lack of good faith or failure to exercise ordinary care, or limit the measure […]

Section 28-4-104 – DEFINITIONS AND INDEX OF DEFINITIONS.

28-4-104. DEFINITIONS AND INDEX OF DEFINITIONS. (1) In this chapter, unless the context otherwise requires: (a) "Account" means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit; (b) "Afternoon" means the period of a day […]

Section 28-4-105 – “BANK” — “DEPOSITARY BANK” — “INTERMEDIARY BANK” — “COLLECTING BANK” — “PAYOR BANK” — “PRESENTING BANK.”

28-4-105. "BANK" — "DEPOSITARY BANK" — "INTERMEDIARY BANK" — "COLLECTING BANK" — "PAYOR BANK" — "PRESENTING BANK." In this chapter: (1) "Bank" means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union or trust company; (2) "Depositary bank" means the first bank to take an item […]

Section 28-4-106 – PAYABLE THROUGH OR PAYABLE AT BANK — COLLECTING BANK.

28-4-106. PAYABLE THROUGH OR PAYABLE AT BANK — COLLECTING BANK. (1) If an item states that it is "payable through" a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented […]

Section 28-4-107 – SEPARATE OFFICE OF A BANK.

28-4-107. 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 chapter and under chapter 3. History: [(28-4-107) […]

Section 28-4-108 – TIME OF RECEIPT OF ITEMS.

28-4-108. TIME OF RECEIPT OF ITEMS. (1) 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 […]

Section 28-4-109 – DELAYS.

28-4-109. DELAYS. (1) 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 chapter for a period […]

Section 28-4-110 – ELECTRONIC PRESENTMENT.

28-4-110. ELECTRONIC PRESENTMENT. (1) "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 […]

Section 28-4-111 – STATUTE OF LIMITATIONS.

28-4-111. STATUTE OF LIMITATIONS. An action to enforce an obligation, duty or right arising under this chapter must be commenced within three (3) years after the cause of action accrues. History: [28-4-111, added 1993, ch. 288, sec. 14, p. 1058.]