Ask Reggi Your Question Now
Can you summarize KYRS 355.4-301?
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 Kentucky Revised Statutes, falls under the section of Commerce and Trade, specifically the Uniform Commercial Code. It governs the rules and procedures related to bank deposits and collections. The document outlines the actions a payor bank can take in the event of settling for a demand item, such as returning the item or sending a notice of dishonor or nonpayment. It also specifies the time limits and methods for returning items or sending notices. The document further clarifies that an item is considered dishonored when it is returned or notice is sent. The process of returning an item varies depending on whether it was presented through a clearing house or not. Overall, this document provides guidelines for payor banks regarding the recovery of payment and the return of items in various scenarios.
Whom does it apply to?
Payor banks
What does it govern?
Bank Deposits and Collections
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kentucky