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Can you summarize LARS 10.4-301?
COLLECTION OF ITEMS: PAYOR BANKS > Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank
Short Summary
This legal document governs the collection of items by payor banks. It outlines the actions that a payor bank can take if it settles for a demand item and later wants to revoke the settlement. The payor bank has the option to return the item or send written notice of dishonor or nonpayment if the item is unavailable for return. Additionally, if a demand item is received by a payor bank for credit on its books, it can return the item or send notice of dishonor within a specified time limit. The document also clarifies the time of dishonor for an item and provides guidelines for returning the item in different scenarios. This document does not mention any specific exemptions or penalties.
Whom does it apply to?
Payor banks
What does it govern?
Collection of items by payor banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Louisiana