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Can you summarize GACO 11-4-303?
Collection of Items: Payor Banks > When items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified.
Short Summary
This legal document, found in the Georgia Code under the Commercial Code and specifically in the section on Bank Deposits and Collections, pertains to payor banks. It states that any knowledge, notice, stop-payment order, or legal process received by a payor bank comes too late to 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 it 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 document also mentions that items may be accepted, paid, certified, or charged to the customer’s account in any order. The provided legal document content does not mention any specific exemptions or penalties.
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
Georgia