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Can you summarize FLCL 674.303?
COLLECTION OF ITEMS: PAYOR BANKS (ss. 674.301-674.303) > When items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified.
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 states that any knowledge, notice, stop-payment order, or legal process received by a payor bank does not terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if the bank has already accepted or certified the item, paid the item in cash, settled for the item without the right to revoke the settlement, become accountable for the amount of the item, or if a cutoff hour has passed. The section also mentions that items may be accepted, paid, certified, or charged to the customer’s account in any order. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Payor banks
What does it govern?
Items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Florida