Section 400.4-301 – Deferred posting — recovery of payment by return of items — time of dishonor — return of items by payor bank.

Effective – 28 Aug 1992 400.4-301. Deferred posting — recovery of payment by return of items — time of dishonor — return of items by payor bank. — (a) 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 […]

Section 400.4-302 – Payor bank’s responsibility for late return of item.

Effective – 28 Aug 1992 400.4-302. Payor bank’s responsibility for late return of item. — (a) If an item is presented to and received by a payor bank, the bank is accountable for the amount of: (1) a demand item, other than a documentary draft, whether properly payable or not, if the bank, in any […]

Section 400.4-303 – When item subject to notice, stop-payment order — legal process or setoff — order in which items may be charged or certified.

Effective – 28 Aug 1992 400.4-303. When item subject to notice, stop-payment order — legal process or setoff — order in which items may be charged or certified. — (a) 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, […]