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Can you summarize MDCM Com. Law Section 4-303?
Short Summary
This document, part of the Code of Maryland, specifically Title 4, SubTitle 3, addresses the actions and responsibilities of payor banks regarding the payment of items and charging their customers’ accounts. It states that if any knowledge, notice, or stop-payment order is received by the bank after certain events have occurred, such as accepting or certifying the item, paying the item in cash, settling for the item, becoming accountable for the amount of the item, or reaching a cutoff hour for checks, the bank’s right or duty to pay the item or charge the customer’s account is not affected. The document also allows items to be accepted, paid, certified, or charged to the customer’s account in any order, subject to certain conditions. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
The document applies to payor banks and their customers.
What does it govern?
The document governs the right and duty of a payor bank to pay an item or charge its customer's account for the item.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Maryland