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Can you summarize MORS 400.4-215?
Collection of Items Depositary and Collecting Banks > 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 governs the final payment of an item by a payor bank. It outlines the conditions under which an item is considered finally paid, including when the payor bank pays the item in cash, settles for the item without the right to revoke the settlement, or makes a provisional settlement for the item and fails to revoke it within the permitted time. If provisional settlement does not become final, the item is not considered finally paid. The document also addresses the finality of provisional debits or credits entered in accounts between presenting and payor banks or between presenting and successive prior collecting banks. Additionally, it discusses the availability for withdrawal of credits given by a bank for an item in a customer’s account, as well as the availability of funds for withdrawal from a deposit of money. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, and collecting banks
What does it govern?
Final payment of item by payor bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri