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Can you summarize 11 GACO Article 4?
Commercial Code > Bank Deposits and Collections
Short Summary
This legal document, known as the ‘Uniform Commercial Code Bank Deposits and Collections,’ governs the liability of banks for their actions or nonactions related to items handled for presentment, payment, or collection. It specifies that if the items fall within Articles 3 and 8 of the Georgia Code’s Commercial Code, they are subject to those articles. In case of conflict, this article governs Article 3, but Article 8 governs this article. The document provides historical references and research sources related to the commercial code legislation and the liability of banks. It also addresses the variation by agreement, measure of damages, and action constituting ordinary care in the context of bank deposits and collections. The document defines various terms used in this context and includes definitions from other Code sections that apply to this article. It clarifies the concept of ‘control’ and references general definitions and principles of construction and interpretation found in Article 1 of the Georgia Code. The document also covers the time of receipt of items by banks, allowing banks to establish cutoff hours for handling money and items. It permits a collecting bank to waive, modify, or extend time limits imposed by the title for up to two additional banking days. The document also addresses agreements for electronic presentment and sets a three-year statute of limitations for actions to enforce obligations, duties, or rights arising under this article. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in bank deposits and collections, such as banks, customers, and other relevant entities
What does it govern?
Rules and regulations related to bank deposits and collections
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Georgia