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Can you summarize 4213.?
Collection Of Items: > 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 Guam Code Annotated, specifically the Uniform Commercial Code, Bank Deposits and Collections, Collection Of Items, governs the final payment of items by a payor bank, the point at which provisional debits and credits become final, and the availability of credits for withdrawal. It outlines the various conditions under which an item is considered finally paid by a payor bank, including cash payment, settlement without the right to revoke, completion of posting to the indicated account, or failure to revoke a provisional settlement within the permitted time. The document also states that provisional debits or credits for an item become final upon final payment by the payor bank. Additionally, it establishes that a collecting bank is accountable to its customer for the amount of an item and any provisional credit given becomes final upon settlement. Furthermore, it specifies when credits given by a bank for an item become available for withdrawal. Lastly, it mentions that a deposit of money in a bank becomes final upon receipt and is available for withdrawal at the opening of the bank’s next banking day.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, and collecting banks
What does it govern?
Final payment of items by payor bank, provisional debits and credits becoming final, availability of credits for withdrawal
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Guam