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Can you summarize AKST 45.04?
Trade and Commerce. > Bank Deposits and Collections.
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 establishes the definitions for various terms used in this chapter, including ‘bank’, ‘collecting bank’, ‘depositary bank’, ‘intermediary bank’, ‘payor bank’, and ‘presenting bank’. The document outlines the conditions under which an item is considered finally paid by a payor bank, as well as the accountability of collecting banks for settled items and the availability of funds for withdrawal by customers. It also governs the actions and responsibilities of payor banks regarding items subject to notice, stop-payment order, legal process, or setoff. The document further addresses the relationship between a payor bank and its customer, including the rights and obligations of both parties in various scenarios. Additionally, it governs the responsibility of a bank when presenting a documentary draft. The document provides guidelines and regulations for the relationship between a payor bank and its customer, ensuring fair and lawful practices.
Whom does it apply to?
Banks, depositary banks, collecting banks, payor banks, presenting banks
What does it govern?
Bank Deposits and Collections
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Alaska