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Can you summarize FLCL 674.301?
COLLECTION OF ITEMS: PAYOR BANKS (ss. 674.301-674.303) > Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
Short Summary
This section of the Florida Statutes, specifically under the Uniform Commercial Code: Bank Deposits and Collections, pertains to the collection of items by payor banks. It outlines the procedures and conditions under which a payor bank can settle for a demand item, revoke the settlement, and recover the settlement. The payor bank has the option to return the item or send written notice of dishonor or nonpayment if the item is unavailable for return. If a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor within a specified time limit. The dishonor of an item occurs when it is returned or notice is sent in accordance with the section. The section also provides guidelines for the return of items presented through a clearinghouse and in other cases. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Payor banks
What does it govern?
Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Florida