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Can you summarize MSCO 75-4-215?
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, part of the Mississippi Code 1972, falls under the regulation of trade, commerce, and investments, specifically the Uniform Commercial CodeBank Deposits and Collections. It governs the final payment of an item by a payor bank, the timing at which provisional debits and credits become final, and when certain credits become available for withdrawal. The document outlines the conditions under which an item is considered finally paid by a payor bank, including payment in cash, settlement without the right to revoke, or failure to revoke a provisional settlement within the permitted time. It also discusses the finality of provisional settlements made through clearinghouses or by debits and credits between banks. The document further addresses the availability of funds for withdrawal by customers, based on provisional settlements and the bank’s role as both the depositary and payor bank. Overall, the document provides clarity on the process and timing of final payment and availability of funds in banking transactions.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, collecting banks, customers
What does it govern?
Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Mississippi