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Can you summarize Com Code CACL Division 4?
Commercial Code > BANK DEPOSITS AND COLLECTIONS [4101. - 4504.]
Short Summary
This legal document, part of the California Commercial Code, specifically addresses the general provisions and definitions related to bank deposits and collections. It provides definitions for various terms used in this division, such as ‘bank’, ‘depositary bank’, ‘payor bank’, ‘intermediary bank’, ‘collecting bank’, and ‘presenting bank’. The document also clarifies that actions or nonactions approved by this division or pursuant to Federal Reserve regulations or operating circulars are considered the exercise of ordinary care. It further states that a branch or separate office of a bank is considered a separate bank for the purpose of computing time limits and determining the place for action or notice. The document also covers the agreement for electronic presentment, cutoff hours for handling money and items, and the relationship between this division and other divisions of the Commercial Code. Overall, this document serves as a reference for understanding the key terms and concepts related to bank deposits and collections in the state of California.
Whom does it apply to?
Banks, depositary banks, payor banks, intermediary banks, collecting banks, presenting banks, customers
What does it govern?
Bank deposits and collections
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
California