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Can you summarize KYRS 355.4-215?
Bank Deposits and Collections > 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, part of the Kentucky Revised Statutes under the Uniform Commercial Code, pertains to the final payment of items by payor banks. It outlines the conditions under which an item is considered finally paid, including payment in cash, settlement without the right to revoke, or failure to revoke provisional settlement within the permitted time. The document also discusses the finality of provisional debits or credits entered in accounts between presenting and payor banks or between presenting and successive prior collecting banks. Additionally, it addresses the accountability of collecting banks for settled items, the availability of credits for withdrawal by customers, and the availability of deposits for withdrawal. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, collecting banks, customers
What does it govern?
Final payment of items by payor banks, provisional debits and credits becoming final, availability of credits for withdrawal
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kentucky