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Can you summarize Com Code CACL 4303?
Collection of Items: Payor Banks [4301. - 4303.] >
Short Summary
This legal document governs the actions and responsibilities of payor banks in the collection of items. It states that any knowledge, notice, or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank does not terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if certain conditions are met. These conditions include the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching a cutoff hour for checks. The document also allows items to be accepted, paid, certified, or charged to the customer’s account in any order, subject to certain provisions. This document does not mention any specific exemptions or penalties.
Whom does it apply to?
Payor banks
What does it govern?
Collection of Items: Payor Banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
California