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Can you summarize Chapter 2 ?
Bank Deposits and Collections > Collection Of Items:
Short Summary
These legal documents govern various aspects of the collection of items, including the presumption and duration of agency status of collecting banks, the provisional status of credits, and the responsibilities of collecting banks. They also cover warranties made by customers and collecting banks on the transfer or presentment of items, as well as the time for making claims. Additionally, the documents address the security interest of collecting banks in items, accompanying documents, and proceeds, as well as the settlement of remittance cases and the handling of items in insolvency situations. The documents apply to collecting banks, owners of items, customers initiating collection, payor banks, remitting banks, other banks involved in the payment or acceptance of items, depositary banks, receivers, trustees, and agents in charge of closed banks. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Collecting banks, owners of items, customers initiating collection, payor banks, remitting banks, other banks involved in the payment or acceptance of items, depositary banks, receivers, trustees, agents in charge of closed banks
What does it govern?
Presumption and duration of agency status of collecting banks, provisional status of credits, responsibilities of collecting banks, warranties made by customers and collecting banks, security interest of collecting banks, settlement of remittance cases, charge-backs and refunds, final payment of items by payor banks, handling of items in insolvency situations
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Guam