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Can you summarize HIRS Chapter 490, Article 4?
Uniform Commercial Code > BANK DEPOSITS AND COLLECTIONS
Short Summary
This legal document, part of the Hawaii Revised Statutes under the Uniform Commercial Code, governs bank deposits and collections. It establishes the standards and responsibilities for banks, customers, and other parties involved in the process. The document covers various aspects such as the liability of banks for action or nonaction with respect to an item, the variation by agreement and measure of damages, the definition of terms used in the context of bank deposits and collections, the relationship between collecting banks and the provisional status of credits, the responsibilities of collecting banks in presenting items and settling for items, the transfer warranties related to the collection of items, the actions and procedures of payor banks in revoking settlements and returning items, the authority of banks to charge customer accounts for properly payable items, and the responsibility of banks when presenting documentary drafts for collection. The document provides guidelines and procedures for the collection process, including presentment, notice of dishonor or nonpayment, return of items, settlement, and notification of loss or delay. It also addresses the rights and responsibilities of banks and their customers in relation to account charges and check payments. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Banks, customers, and other parties involved in bank deposits and collections
What does it govern?
Bank deposits and collections
What are exemptions?
The document does not mention any specific exemptions.
What are the Penalties?
The document does not mention any specific penalties.
Jurisdiction
Hawaii