Ask Reggi Your Question Now
Can you summarize 12A OKST 4-301?
Collection of Items - Payor Banks > Deferred Posting - Recovery of Payment by Return of Items - Time of Dishonor - Return of Items by Payor Bank
Short Summary
This legal document governs the procedures and requirements for payor banks regarding the settlement, revocation, and recovery of payment for demand items. It specifies that if a payor bank settles for a demand item before midnight of the banking day of receipt, it may revoke the settlement and recover the payment under certain conditions. The payor bank can return the item, return an image of the item if agreed upon, or send a notice of dishonor or nonpayment if the item is unavailable for return. The document also allows payor banks to return or send notice of dishonor for demand items received for credit on their books. It establishes the time of dishonor as the moment when the item is returned or notice is sent. The document provides details on how items should be returned based on different scenarios. It also includes historical data and references to previous sections of the Uniform Commercial Code. No specific penalties or exemptions are mentioned in this document.
Whom does it apply to?
Payor banks
What does it govern?
Deferred Posting - Recovery of Payment by Return of Items - Time of Dishonor - Return of Items by Payor Bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Oklahoma