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Can you summarize 55-4-213 NMSA?
COLLECTION OF ITEMS - DEPOSITARY AND COLLECTING BANKS > Medium and time of settlement by bank.
Short Summary
This legal document, part of the New Mexico Statutes Annotated 1978, specifically falls under the Uniform Commercial Code and pertains to the medium and time of settlement by a bank. It states that the medium and time of settlement may be prescribed by federal reserve regulations or circulars, clearing-house rules, or agreement. In the absence of such prescription, the medium of settlement is cash or credit to an account in a federal reserve bank or specified by the person to receive settlement. The time of settlement varies depending on the method of settlement, such as cash, credit in a federal reserve bank account, credit or debit to a bank account, or funds transfer. If settlement is not made through an authorized medium or the time of settlement is not fixed, settlement occurs only when the tender of settlement is accepted by the person receiving settlement. The document also includes provisions for settlement by cashier’s check, teller’s check, and authority to charge an account. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks involved in settlement transactions
What does it govern?
Medium and time of settlement by a bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Mexico