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Can you summarize Chapter 62A.4 WARC?
UNIFORM COMMERCIAL CODE > Bank deposits and collections.
Short Summary
This legal document, part of the Revised Code of Washington under the Uniform Commercial Code, governs the relationship between banks, customers, depository and collecting banks, and payor banks in the context of bank deposits and collections. It outlines the responsibilities and obligations of these entities in handling items, presenting drafts, settling for items, sending notices of dishonor or non-payment, and notifying of loss or delay in transit. The document also addresses the ability of banks to charge customers’ accounts, the time limits for actions and notices, and the liability of banks for the insolvency or default of other banks or persons. It provides definitions for various terms used in this context and references other applicable definitions and principles of construction and interpretation. The document allows for variations by agreement but prohibits the disclaimer or limitation of a bank’s responsibility for lack of good faith or failure to exercise ordinary care. It establishes the measure of damages for failure to exercise ordinary care and includes provisions for bad faith. Overall, this document serves as a comprehensive guide for understanding the rights, obligations, and standards related to bank deposits and collections within the state of Washington.
Whom does it apply to?
Banks, customers, depository and collecting banks, payor banks
What does it govern?
Bank deposits and collections
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Washington