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Can you summarize MSCO 75-4-303?
Collection of Items: Payor Banks. > When items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified.
Short Summary
This legal document, as part of the Mississippi Code 1972, falls under the regulation of trade, commerce, and investments, specifically the Uniform Commercial CodeBank Deposits and Collections. It pertains to the collection of items by payor banks. The document states that any knowledge, notice, stop-payment order, or legal process received by a payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if the bank has already accepted or certified the item, paid it in cash, settled for the item without the right to revoke the settlement, become accountable for the amount of the item, or if a cutoff hour has passed. The document also mentions that items may be accepted, paid, certified, or charged to the customer’s account in any order. The document includes references to judicial decisions related to the acceptance of cashier’s checks, bank money orders, electronic funds transfers, payment in cash, completion of the posting process, effect of court orders, order of payment, and practice and procedure.
Whom does it apply to?
Payor banks
What does it govern?
Items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Mississippi