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Can you summarize 4211.?
Collection Of Items: > Media of Remittance; Provisional and Final Settlement in Remittance Cases.
Short Summary
This legal document, found within the Guam Code Annotated under the Uniform Commercial Code, specifically addresses the media of remittance and the provisional and final settlement in remittance cases. It outlines the various methods by which a collecting bank can settle an item, including accepting checks from remitting banks or other banks, cashier’s checks, appropriate authority to charge an account, bank checks or obligations, credit on federal reserve bank books or designated depositary bank books, or money. The document also clarifies that if a collecting bank properly dishonors a remittance check or authorization to charge, it is not liable to prior parties. Additionally, it establishes that a settlement for an item through a remittance instrument or authorization to charge becomes a final settlement if certain conditions are met. The document applies to collecting banks, remitting banks, and other banks involved in the settlement of remittance cases.
Whom does it apply to?
Collecting banks, remitting banks, and other banks involved in the settlement of remittance cases
What does it govern?
Media of Remittance; Provisional and Final Settlement in Remittance Cases
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Guam