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Can you summarize AZRS 47-4301?
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 Arizona Revised Statutes under the Uniform Commercial Code, governs the actions and responsibilities of payor banks regarding deferred posting, recovery of payment by return of items, time of dishonor, and return of items. It specifies that if a payor bank settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, it may revoke the settlement and recover the settlement by returning the item or sending written notice of dishonor or nonpayment. The payor bank also has the authority to return a demand item received for credit on its books or send notice of dishonor within the specified time limit. The document further clarifies the time of dishonor and the methods of returning items. No specific exemptions or penalties are mentioned in this document.
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
Arizona