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Can you summarize Com Code CACL 4215?
Collection of Items: Depositary and Collecting Banks [4201. - 4216.] >
Short Summary
This legal document governs the collection of items by depositary and collecting banks. It outlines the conditions under which an item is considered finally paid by a payor bank, including payment in cash, settlement without the right to revoke, and failure to revoke provisional settlement within the permitted time. The document also addresses provisional settlement between presenting and payor banks made through clearing houses or account debits/credits, which become final upon final payment by the payor bank. Additionally, it states that if a collecting bank receives a settlement for an item that becomes final, the bank is accountable to its customer for the amount of the item. The document further discusses the availability of funds for withdrawal, based on provisional settlement becoming final and the bank having a reasonable time to receive the item. It also specifies the availability of funds for withdrawal in the case of a deposit of money. Overall, this document provides guidelines and regulations for the collection of items by depositary and collecting banks.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, and collecting banks
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