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Can you summarize MGL Chapter 106, Article 4?
UNIFORM COMMERCIAL CODE > BANK DEPOSITS AND COLLECTIONS
Short Summary
The provided legal document content covers various sections of the Massachusetts General Law, specifically under the Uniform Commercial Code, governing Bank Deposits and Collections. These sections outline the rights, responsibilities, and procedures related to bank transactions, including the handling of items, presentment, payment, collection, and return of items. The documents address the roles and obligations of collecting banks, payor banks, and depositary banks, as well as the rights and liabilities of customers, drawees, and payors. They also cover topics such as presentment warranties, security interests, stop-payment orders, dishonor of items, and the timing and order of processing items. The documents provide guidelines for the proper handling of items, the exercise of ordinary care, and the resolution of disputes or breaches of warranties. They also establish time limits for the discovery and reporting of unauthorized signatures or alterations, as well as the right to stop payment or close an account. The provisions of these documents are subject to certain other sections of the Massachusetts General Law and may vary by agreement between the parties involved. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Collecting banks, payor banks, depositary banks, customers, drawees, payors, and clearinghouses involved in depositing and collecting funds
What does it govern?
Bank Deposits and Collections
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Massachusetts