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Can you summarize CORS 4-4-215?
COLLECTION OF ITEMS - DEPOSITARY AND COLLECTING BANKS > Final payment of item by payor bank - when provisional debits and credits become final - when certain credits become available for withdrawal.
Short Summary
This legal document governs the final payment of items by payor banks, the process of provisional settlements, and the availability of funds for withdrawal. It applies to payor banks, presenting banks, collecting banks, and customers. The document specifies that an item is finally paid by a payor bank when it is paid in cash, settled without the right to revoke the settlement, or when a provisional settlement becomes final. Provisional debits or credits for an item become final upon final payment of the item by the payor bank. 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. Credit given by a bank for an item in a customer’s account becomes available for withdrawal as of right under certain conditions. The document provides detailed explanations and examples for each provision.
Whom does it apply to?
Payor banks, presenting banks, collecting banks, customers
What does it govern?
Final payment of items by payor banks, provisional settlements, availability of funds for withdrawal
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Colorado