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Can you summarize FLCL 674.215?
COLLECTION OF ITEMS: DEPOSITARY AND COLLECTING BANKS (ss. 674.201-674.216) > Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
Short Summary
This section of the Florida Statutes, specifically under the Uniform Commercial Code: Bank Deposits and Collections, pertains to the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. An item is considered 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 is made and not revoked within the permitted time. If provisional settlement does not become final, the item is not considered finally paid. Provisional debits or credits for an item become final upon final payment of the item by the payor bank, if settlement is made through a clearinghouse or by debits or credits in accounts between the presenting and payor banks or between the presenting and successive prior collecting banks. 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 and any provisional credit given becomes final. Credit given by a bank for an item in a customer’s account becomes available for withdrawal as of right when the provisional settlement becomes final and the bank has had a reasonable time to receive return of the item, or if the bank is both the depositary bank and the payor bank and the item is finally paid, at the opening of the bank’s second banking day following receipt of the item. Deposits of money become available for withdrawal as of right at the opening of the bank’s next banking day after receipt of the deposit.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, collecting banks, customers
What does it govern?
Final payment of items by payor banks, provisional debits and credits becoming final, availability of credits for withdrawal
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Florida