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Can you summarize 55-4-301 NMSA?
COLLECTION OF ITEMS - PAYOR BANKS > Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
Short Summary
This legal document, part of the New Mexico Statutes Annotated 1978, specifically focuses on the collection of items by payor banks. It outlines the circumstances under which a payor bank can settle for a demand item and subsequently revoke the settlement to recover the payment. The payor bank can revoke the settlement by returning the item, returning an image of the item if agreed upon, or sending a notice of dishonor or nonpayment if the item is unavailable for return. The document also specifies the time limits for action and the definition of when an item is considered returned. Overall, this document provides guidelines for payor banks regarding the recovery of payments and the return of items in various scenarios.
Whom does it apply to?
Payor banks
What does it govern?
Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Mexico