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Can you summarize DCCO Title 28, Article 4?
Uniform Commercial Code. > Bank Deposits and Collections.
Short Summary
The provided legal document content covers various aspects of the actions and responsibilities of payor banks, collecting banks, and customers in relation to the settlement and return of demand items. It also addresses the authority of payor or collecting banks to accept, pay, or collect items and account for proceeds of collection. Additionally, it outlines the customer’s right to stop payment on any item drawn on their account or close the account. The document also pertains to the liability of payor banks to their customers for wrongful dishonor of an item and the time at which the determination of insufficiency of available funds in the customer’s account is made. Furthermore, it governs the handling of documentary drafts and imposes a duty on banks to present or send the draft and accompanying documents for presentment. The document also covers the presentment of ‘on arrival’ drafts and the responsibility of a bank presenting a documentary draft. Lastly, it addresses the actions of presenting banks following the dishonor of a documentary draft. These legal documents apply to payor banks, collecting banks, customers, drawees, makers, transferors, holders in due course, payees, referees in case of need, presenting banks, and principals involved in the relevant transactions. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Payor banks, collecting banks, customers, drawees, makers, transferors, holders in due course, payees, referees in case of need, presenting banks, principals involved in the relevant transactions
What does it govern?
Actions and responsibilities of payor banks, collecting banks, and customers in relation to the settlement and return of demand items, authority of payor or collecting banks to accept, pay, or collect items and account for proceeds of collection, customer's right to stop payment on any item drawn on their account or close the account, liability of payor banks to their customers for wrongful dishonor of an item, time at which the determination of insufficiency of available funds in the customer's account is made, handling of documentary drafts, duty on banks to present or send the draft and accompanying documents for presentment, presentment of 'on arrival' drafts, responsibility of a bank presenting a documentary draft, actions of presenting banks following the dishonor of a documentary draft
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Washington, D.C.