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Can you summarize AKST 45.04.303?
Collection of Items: Payor Banks. > When items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified.
Short Summary
This legal document, found in the Alaska Statutes under Trade and Commerce, Bank Deposits and Collections, and Collection of Items: Payor Banks, governs the actions and responsibilities of payor banks regarding items subject to notice, stop-payment order, legal process, or setoff. It specifies that any knowledge, notice, stop-payment order, or legal process received by the payor bank is ineffective if received after certain events occur, such as the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching a cutoff hour for checks. The document also states that items may be accepted, paid, certified, or charged to the customer’s account in any order. There are references to other sections of the Alaska Statutes regarding the bank’s ability to charge the customer’s account and the customer’s right to stop payment. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks
What does it govern?
Items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Alaska