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Can you summarize HIRS 490:4-213?
Collection of Items: Depositary and Collecting Banks > Medium and time of settlement by bank.
Short Summary
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, or agreements. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank, and the time of settlement depends on the method of tender of settlement. The document also specifies that settlement occurs when the tender of settlement is accepted by the person receiving settlement. Additionally, it outlines the finality of settlement for items made by cashier’s check, teller’s check, or authority to charge an account. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks and persons involved in settlement transactions
What does it govern?
Settlement by a bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Hawaii