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Can you summarize 7 ALCA Article 4?
COMMERCIAL CODE. > BANK DEPOSITS AND COLLECTIONS.
Short Summary
These legal documents, part of the Code of Alabama’s Commercial Code, govern various aspects of bank deposits and collections. They establish a statute of limitations for actions related to time deposits and provide definitions for terms such as ’time deposit.’ The documents also cover transfer warranties, rights of a person who suffered a loss due to breach of warranty, security interests of collecting banks, encoding of information on items, retention and presentment of items, responsibilities of collecting banks, settlement and recovery of demand items, wrongful dishonor by payor banks, stopping payment of items, liabilities associated with overdrafts, duties and responsibilities of banks and customers, and subrogation rights of payor banks. These documents provide comprehensive guidance and regulations for the transfer, collection, and payment of items in the banking industry. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks, customers, payor banks, presenting banks
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
Alabama