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Can you summarize MSCO 75-4-301?
Collection of Items: Payor Banks. > Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
Short Summary
This legal document, part of the Mississippi Code 1972, specifically focuses on the regulation of the collection of items by payor banks. It outlines the actions that a payor bank can take to revoke a settlement for a demand item, such as returning the item, returning an image of the item if agreed upon, or sending a record providing notice of dishonor or nonpayment if the item is unavailable for return. The document also states that if a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor within the specified time limit. The time of dishonor is determined when the item is returned or notice is sent in accordance with the section. The document further explains the process of returning an item, depending on whether it was presented through a clearinghouse or in other cases. Overall, this document provides guidelines for payor banks regarding the recovery of payment and the return of items in various scenarios.
Whom does it apply to?
Payor banks
What does it govern?
Collection of Items: Payor Banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Mississippi