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Can you summarize Com Code CACL 4213?
Collection of Items: Depositary and Collecting Banks [4201. - 4216.] >
Short Summary
This legal document governs the settlement of items by depositary and collecting banks. It specifies the medium and time of settlement for banks involved in the process. The medium of settlement can be cash or credit to an account in a federal reserve bank or a specified bank. The time of settlement varies depending on the method of tender, such as cash, credit, debit, or funds transfer. If the tender of settlement is not made through an authorized medium or the time of settlement is not fixed, the settlement is not considered final until it is accepted by the person receiving settlement. The document also outlines the settlement process for cashier’s checks, teller’s checks, and authority to charge an account. It was added to the California Codes in 1992 and became effective on January 1, 1993.
Whom does it apply to?
Banks involved in the settlement of items
What does it govern?
Collection of Items: Depositary and Collecting Banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
California