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Can you summarize 13 PACS 4301?
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 provision, part of the Pennsylvania Compiled Statutes under the Commercial Code, specifically addresses the return of items by payor banks. It outlines the conditions under which a payor bank can revoke a settlement and recover the settlement amount for a demand item. The payor bank can return the item or send written notice of dishonor or nonpayment if the item is unavailable for return. The provision also specifies the time limit and manner in which a payor bank can return a provisionally settled item, revoke any credit given, or recover the amount withdrawn by its customer. It further clarifies that an item is considered dishonored when it is returned or notice is sent. The provision defines the acts constituting the return of an item, depending on whether it was presented through a clearinghouse or in other cases. Overall, this provision governs the process and requirements for the return of items by payor banks in Pennsylvania.
Whom does it apply to?
Payor banks
What does it govern?
Return of items by payor bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Pennsylvania