404.301 – Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payer bank.

404.301 Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payer bank. (1) If a payer 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 payer bank may […]

404.302 – Payer bank’s responsibility for late return of item.

404.302 Payer bank’s responsibility for late return of item. (1) If an item is presented to and received by a payer bank, the bank is accountable for the amount of any of the following: (a) A demand item, other than a documentary draft, whether properly payable or not, if the bank, in any case in […]

404.303 – When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified.

404.303 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 payer bank comes too late to terminate, suspend or modify the bank’s right or duty to […]