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Can you summarize MNST 336.4-215?
UNIFORM COMMERCIAL CODE > FINAL PAYMENT OF ITEM BY PAYOR BANK; WHEN PROVISIONAL DEBITS AND CREDITS BECOME FINAL; WHEN CERTAIN CREDITS BECOME AVAILABLE FOR WITHDRAWAL.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. It specifies that an item is finally paid by a payor bank when it is paid in cash, settled without the right to revoke the settlement, or provisionally settled and not revoked within the permitted time. If provisional settlement does not become final, the item is not considered finally paid. Provisional debits or credits for an item become final upon final payment by the payor bank. If a collecting bank receives a settlement for an item that becomes final, it is accountable to its customer for the amount of the item. Credit given by a bank for an item in a customer’s account becomes available for withdrawal when the settlement becomes final and the bank has had a reasonable time to receive the item, or at the opening of the bank’s second banking day following receipt of the item if the bank is both the depositary and payor bank. Deposits of money become available for withdrawal at the opening of the bank’s next banking day after receipt. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, collecting banks, customers
What does it govern?
Final payment of items by payor banks, provisional settlements, availability of funds for withdrawal
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota