Ask Reggi Your Question Now
Can you summarize IC 26-1-4?
UNIFORM COMMERCIAL CODE > Bank Deposits and Collections
Short Summary
This legal document, part of the Indiana Code under Commercial Law and the Uniform Commercial Code, specifically governs bank deposits and collections. It provides definitions for various terms used in the context of banking transactions, such as ‘account’, ‘banking day’, ‘customer’, ‘draft’, ‘drawee’, ‘item’, and more. The document also includes definitions that apply to specific sections within IC 26-1-4. It clarifies terms like ‘acceptance’, ‘alteration’, ‘cashier’s check’, ‘certificate of deposit’, ‘check’, ‘holder in due course’, ‘instrument’, ’notice of dishonor’, ‘order’, ‘ordinary care’, ‘person entitled to enforce’, ‘presentment’, ‘promise’, ‘prove’, ‘record’, ‘remotely-created consumer item’, ’teller’s check’, and ‘unauthorized signature’. Overall, this document serves as a reference for understanding the legal terminology and concepts related to bank deposits and collections in Indiana.
Whom does it apply to?
Banks, depositary banks, payor banks, collecting banks, presenting banks, customers
What does it govern?
Bank Deposits and Collections
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Indiana