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Can you summarize 11 MERS Article 4?
UNIFORM COMMERCIAL CODE > BANK DEPOSITS AND COLLECTIONS
Short Summary
The provided legal document content pertains to the general provisions and definitions related to bank deposits and collections under the Uniform Commercial Code in Maine. It covers the concept of electronic presentment, which allows the transmission of an image or information describing an item instead of physically delivering the item itself. The document defines various terms such as ‘agreement for electronic presentment’, ‘depositary bank’, ‘payor bank’, ‘intermediary bank’, ‘collecting bank’, and ‘presenting bank’. It also provides guidelines for collecting banks in securing payment of items drawn on a payor other than a bank. The document establishes the roles and responsibilities of banks in handling items for presentment, payment, or collection. It allows banks to fix a cutoff hour for the handling of money and items and treats items received after the cutoff hour as being received at the opening of the next banking day. It also clarifies that a branch or separate office of a bank is considered a separate bank for certain purposes. The document further addresses the variation of provisions by agreement, the measure of damages, and the action constituting ordinary care in bank deposits and collections. It states that the parties to an agreement cannot disclaim a bank’s responsibility for lack of good faith or failure to exercise ordinary care. However, the parties may determine the standards by which the bank’s responsibility is measured, as long as those standards are not manifestly unreasonable. The document also specifies that the law of the place where the bank is located determines the bank’s liability for its actions or nonactions regarding items handled for presentment, payment, or collection. Overall, the document provides definitions and guidelines for banks and other entities involved in bank deposits and collections, ensuring the proper handling and payment of items.
Whom does it apply to?
Banks, depositary banks, payor banks, intermediary banks, collecting banks, presenting banks, customers, transferors, transferees, subsequent collecting banks, drawees, warrantors, persons making payment, owners of items, and banks handling items for presentment, payment, collection, or return
What does it govern?
General provisions and definitions related to bank deposits and collections under the Uniform Commercial Code in Maine
What are exemptions?
No specific exemptions are mentioned in these documents
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Maine