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Can you summarize KYRS Chapter 355.4?
UNIFORM COMMERCIAL CODE > Bank Deposits and Collections
Short Summary
This legal document, part of the Kentucky Revised Statutes, falls under the Commerce and Trade section and specifically pertains to the Uniform Commercial Code (UCC) provisions related to Bank Deposits and Collections. The document governs the handling of bank deposits and collections, including the responsibilities and liabilities of banks, the transfer of items, presentment of items, settlement, warranties, and the rights and obligations of customers. It provides definitions for various terms used in this context and references other articles within the same chapter. The document also addresses the authority and obligations of payor banks, collecting banks, and presenting banks, as well as the rights and duties of customers. It establishes the framework and guidelines for the handling of bank deposits and collections in Kentucky, ensuring the proper handling and settlement of items, the protection of customers’ rights, and the efficient functioning of the banking system. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
The document applies to banks, customers, payor banks, collecting banks, and other parties involved in the handling of bank deposits and collections in Kentucky.
What does it govern?
This legal document, part of the Kentucky Revised Statutes, falls under the Commerce and Trade section and specifically pertains to the Uniform Commercial Code (UCC) provisions related to Bank Deposits and Collections.
What are exemptions?
The document does not mention any specific exemptions or exceptions.
What are the Penalties?
The document does not specify any specific penalties for non-compliance or violation.
Jurisdiction
Kentucky