Section 4-108 – Time of Receipt of Items
(a) 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 two p.m. or later as a cutoff hour for the handling of money and items and the making of entries on […]
Section 4-109 – Delays
(a) 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 Titles 1 through 10 of this article for […]
Section 4-110 – Electronic Presentment
(a) “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 for procedures governing retention, […]
Section 4-111 – Statute of Limitations
An action to enforce an obligation, duty, or right arising under this title must be commenced within 3 years after the cause of action accrues.
Section 4-101 – Short Title
This title may be cited as Uniform Commercial Code — Bank Deposits and Collections.
Section 4-102 – Applicability
(a) To the extent that items within this title are also within Titles 3 and 8, they are subject to those titles. If there is conflict, this title governs Title 3, but Title 8 governs this title. (b) The liability of a bank for action or nonaction with respect to an item handled by it for purposes […]
Section 4-103 – Variation by Agreement; Measure of Damages; Action Constituting Ordinary Care
(a) The effect of the provisions of this title 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 of damages for the lack or failure. However, the parties may determine by agreement the […]
Section 4-104 – Definitions and Index of Definitions
(a) In this title, unless the context otherwise requires: (1) “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; (2) “Afternoon” means the period of a day between noon and midnight; (3) “Banking day” means the part […]
Section 4-105 – “Bank”; “Depositary Bank”; “Payor Bank”; “Intermediary Bank”; “Collecting Bank”; “Presenting Bank”
In this title: (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 even though it is also the payor bank unless the item is presented for immediate payment over the counter; […]
Section 4-106 – Payable Through or Payable at Bank; Collecting Bank
(a) 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 for payment only by or through the bank. (b) If an item […]