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Can you summarize 13 PACS 4215?
COLLECTION OF ITEMS: DEPOSITARY AND COLLECTING BANKS > Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
Short Summary
This legal document, part of the Pennsylvania Compiled Statutes, specifically falls under the Commercial Code and pertains to the collection of items by depositary and collecting banks. It outlines the conditions under which an item is considered finally paid by a payor bank, including payment in cash, settlement without the right to revoke, or failure to revoke a provisional settlement within the permitted time. The document also discusses when provisional debits and credits become final between presenting and payor banks, and the accountability of collecting banks to their customers upon final settlement. Additionally, it addresses the availability of credit and deposits for withdrawal, based on the receipt of provisional settlement or final payment. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, collecting banks, customers
What does it govern?
Final payment of items by payor bank, provisional debits and credits becoming final, availability of credits and deposits for withdrawal
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Pennsylvania