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Can you summarize AKST 45.04.215?
Collection of Items: Depositary and Collecting Banks. > 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, found in the Alaska Statutes under Trade and Commerce, specifically in the section on Bank Deposits and Collections, pertains to the collection of items by depositary and collecting banks. It outlines the conditions under which an item is considered finally paid by a payor bank, including payment in cash, settlement without the right to revoke, or failure to revoke provisional settlement within the permitted time. The document also explains that if provisional settlement does not become final, the item is not considered finally paid. Additionally, it states that provisional debits or credits for an item become final upon final payment by the payor bank. The document further addresses the accountability of collecting banks for settled items and the availability of funds for withdrawal by customers. It specifies the circumstances under which credits become available for withdrawal and the timeframes for availability. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, and collecting banks.
What does it govern?
Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Alaska