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Can you summarize 36 SCCL Chapter 4?
Commercial Code > COMMERCIAL CODE - BANK DEPOSITS AND COLLECTIONS
Short Summary
The provided legal document content covers various aspects of bank deposits and collections in South Carolina. It governs the responsibilities of presenting banks in case of dishonor of a documentary draft, including the authority to store, sell, or deal with the goods represented by the draft in a reasonable manner. The presenting bank also has a lien upon the goods or their proceeds to cover its reasonable expenses. The document outlines the obligations of presenting banks in case of dishonor, including seeking instructions, notifying the transferor, and providing the results of efforts to ascertain the reasons for dishonor. It also addresses presentment requirements for drafts that require presentment ‘on arrival’ or when goods arrive. The document further governs the relationship between a payor bank and its customer, including the bank’s authority to accept, pay, or collect an item, the customer’s right to stop payment or close the account, and the bank’s liability for wrongful dishonor. It also covers the collection of items by payor banks, the late return of items, and the treatment of items in the possession of payor or collecting banks that suspend payment. Additionally, the document provides definitions for terms used in the South Carolina Code of Laws related to bank deposits and collections. These documents apply to various entities involved in bank deposits and collections, including presenting banks, drawees, transferors, payor banks, collecting banks, and their customers. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
The documents apply to presenting banks, drawees, transferors, payor banks, collecting banks, and their customers involved in documentary drafts, bank deposits, and collections.
What does it govern?
The provided legal document governs the responsibility of a bank presenting a documentary draft, the relationship between a payor bank and its customer, the collection of items by payor banks, the treatment of items in the possession of payor or collecting banks that suspend payment, and definitions for terms used in the South Carolina Code of Laws related to bank deposits and collections.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
South Carolina