Section 28-4-301 – DEFERRED POSTING — RECOVERY OF PAYMENT BY RETURN OF ITEMS — TIME OF DISHONOR — RETURN OF ITEMS BY PAYOR BANK.

28-4-301. 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 […]

Section 28-4-302 – PAYOR BANK’S RESPONSIBILITY FOR LATE RETURN OF ITEM.

28-4-302. 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 […]

Section 28-4-303 – WHEN ITEMS SUBJECT TO NOTICE, STOP-PAYMENT ORDER, LEGAL PROCESS OR SETOFF — ORDER IN WHICH ITEMS MAY BE CHARGED OR CERTIFIED.

28-4-303. 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 […]