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Can you summarize IDST Title 28, Chapter 4?
COMMERCIAL TRANSACTIONS > UNIFORM COMMERCIAL CODE BANK DEPOSITS AND COLLECTIONS
Short Summary
These legal documents provide definitions and guidelines for commercial transactions and bank deposits and collections under the Uniform Commercial Code. They define various terms such as ‘agreement for electronic presentment’, ‘presentment of an item’, ‘cutoff hour’, ‘branch or separate office of a bank’, ‘collecting bank’, ‘payor bank’, and ‘presenting bank’. The documents also mention the time limits for commencing an action to enforce an obligation, duty, or right arising under this chapter, as well as the ability of a collecting bank to waive, modify, or extend time limits in certain circumstances. They further clarify the designation of a bank as a collecting bank or payor bank based on the language used in an item, and the liability of a bank for action or nonaction with respect to an item. Additionally, the documents state that items within this chapter are subject to the provisions of chapters 3 and 8 of the Uniform Commercial Code, with the provisions of this chapter governing conflicts with chapter 3, and the provisions of chapter 8 governing conflicts with this chapter. The liability of a bank for action or nonaction is determined by the law of the place where the bank or branch is located. Overall, these documents serve as a reference for understanding the terminology and concepts related to commercial transactions and bank deposits and collections under the Uniform Commercial Code.
Whom does it apply to?
Collecting banks, depositary banks, payor banks, presenting banks, customers, drawees, persons obtaining payment or acceptance of drafts, previous transferors of drafts, persons making payment for dishonored drafts or other items, customers, transferees, subsequent collecting banks, banks, and persons involved in settlement transactions
What does it govern?
Commercial transactions and bank deposits and collections under the Uniform Commercial Code
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Idaho