Ask Reggi Your Question Now
Can you summarize KYRS 355.4-213?
Bank Deposits and Collections > Medium and time of settlement by bank.
Short Summary
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, agreements, or similar provisions. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or as specified by the person receiving settlement. The time of settlement varies depending on the method of tender, such as cash, credit in a Federal Reserve bank account, credit or debit to a bank account, or funds transfer. If the tender of settlement is not authorized or the time of settlement is not fixed, no settlement occurs until the tender is accepted by the person receiving settlement. The document also provides rules for settlement by cashier’s check, teller’s check, and authority to charge an account. It was created in 1958 and has been amended over time.
Whom does it apply to?
Banks and persons involved in settlement transactions
What does it govern?
Settlement by a bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kentucky