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Can you summarize KSST 84-4-301?
BANK DEPOSITS AND COLLECTIONS > 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 Kansas Statutes Uniform Commercial Code on Bank Deposits and Collections, governs the procedures and rights related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It outlines the conditions under which a payor bank can revoke a settlement and recover the settlement amount before making final payment. The document also specifies the actions a payor bank can take if a demand item is received for credit on its books, including returning the item or sending notice of dishonor. The time and manner for dishonor and return of items are also defined. The document provides guidelines for returning items presented through a clearing house and in other cases. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks and their customers
What does it govern?
Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kansas