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Can you summarize IDST 28-4-215?
COLLECTION OF ITEMS DEPOSITARY AND COLLECTING BANKS > FINAL PAYMENT OF ITEM BY PAYOR BANK WHEN PROVISIONAL DEBITS AND CREDITS BECOME FINAL WHEN CERTAIN CREDITS BECOME AVAILABLE FOR WITHDRAWAL.
Short Summary
This legal document governs the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. It applies to payor banks, presenting banks, collecting banks, and customers. An item is considered finally paid by a payor bank when it is paid in cash, settled without the right to revoke the settlement, or provisionally settled and not revoked within the permitted time. If provisional settlement does not become final, the item is not considered finally paid. Provisional debits or credits for an item become final upon final payment of the item by the payor bank. If a collecting bank receives a settlement for an item that becomes final, it is accountable to its customer for the amount of the item. Credit given by a bank for an item in a customer’s account becomes available for withdrawal as of right under certain conditions. Deposits of money become available for withdrawal at the opening of the bank’s next banking day after receipt. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks, presenting banks, collecting banks, customers
What does it govern?
Final payment of items by payor banks, provisional settlements, availability of funds for withdrawal
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Idaho