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Can you summarize 47 AZRS Chapter 4?
Uniform Commercial Code > BANK DEPOSITS AND COLLECTIONSSec: 47-4101-47-4504
Short Summary
These legal documents, part of the Arizona Revised Statutes under the Uniform Commercial Code, cover various aspects of bank deposits and collections. They govern the handling of items in cases of insolvency and preference, the final payment of items by payor banks, the right of charge-back or refund, the medium and time of settlement by a bank, presentment warranties, the security interest of a collecting bank in items, transfer warranties, the responsibilities of collecting banks in the collection and return of items, and the status of a collecting bank as an agent and the provisional status of credits. These documents apply to various entities, including payor banks, collecting banks, receivers, trustees, agents in charge of closed banks, presenting banks, closed bank’s customers, customers, depositary banks, payor banks, drawees, warrantors, persons making payment, customers initiating collection, and banks acquiring rights of a holder. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Payor banks, collecting banks, receivers, trustees, agents in charge of closed banks, presenting banks, closed bank's customers, customers, depositary banks, payor banks, drawees, warrantors, persons making payment, customers initiating collection, and banks acquiring rights of a holder
What does it govern?
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
Arizona