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Can you summarize HIRS 490:4-301?
Collection of Items; Payor Banks > Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
Short Summary
This legal document, part of the Hawaii Revised Statutes under the Uniform Commercial Code, specifically addresses the collection of items by payor banks. It outlines the actions a payor bank can take if it settles for a demand item and later wishes to revoke 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. Additionally, 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 document also clarifies the time of dishonor for an item and provides guidelines for its return. Overall, this document governs the procedures and actions related to the collection of items by payor banks.
Whom does it apply to?
Payor banks
What does it govern?
Collection of Items; Payor Banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Hawaii