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Can you summarize MDCM Com. Law, Title 4?
Commercial Law
Short Summary
This legal document, part of the Code of Maryland, Commercial Law, Title 4, SubTitle 1, governs the effect of provisions in this title. It states that while the effect of the provisions can be varied by agreement, a bank’s responsibility for lack of good faith or failure to exercise ordinary care cannot be disclaimed or the measure of damages limited. However, the parties can agree on the standards by which the bank’s responsibility is to be measured if those standards are not manifestly unreasonable. Federal Reserve regulations, operating circulars, clearing-house rules, and similar agreements have the effect of agreements under this title, regardless of specific assent. Actions or nonactions approved by this title or pursuant to Federal Reserve regulations or operating circulars are considered the exercise of ordinary care. The specification or approval of certain procedures by this title does not disapprove of other reasonable procedures. The measure of damages for failure to exercise ordinary care in handling an item is the amount of the item reduced by an amount that could not have been realized by the exercise of ordinary care, with additional damages included if there is also bad faith. This legal document provides definitions and terms used in Title 4 of the Code of Maryland, Commercial Law, SubTitle 1. It applies to individuals and entities involved in banking transactions and activities in Maryland. The document defines various terms such as ‘account’, ‘banking day’, ‘customer’, ‘draft’, ‘item’, ‘settle’, and more. It also references definitions from other titles that apply to this title. The document does not mention any exemptions or penalties. Its purpose is to establish a common understanding of the terminology and concepts used in the commercial banking context in Maryland.
Whom does it apply to?
The document applies to individuals and entities involved in banking transactions and activities in Maryland.
What does it govern?
The legal document found in the Code of Maryland under Commercial Law, Title 4, SubTitle 1 governs the effect of provisions in this title. It also provides definitions and terms used in Title 4 of the Code of Maryland, Commercial Law, SubTitle 1.
What are exemptions?
The document does not mention any exemptions.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
Maryland