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Can you summarize NHRS 382-A:4-202?
UNIFORM COMMERCIAL CODE > Responsibility for Collection or Return; When Action Timely.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the responsibility of collecting banks in various actions. The collecting bank must exercise ordinary care in presenting an item or sending it for presentment, sending notice of dishonor or nonpayment, returning an item other than a documentary draft, settling for an item, and notifying its transferor of any loss or delay in transit. The bank must take proper action before its midnight deadline following receipt of an item, notice, or settlement to exercise ordinary care. The bank may take proper action within a reasonably longer time, but it has the burden of establishing timeliness. The bank is not liable for the insolvency, neglect, misconduct, mistake, or default of another bank or person or for loss or destruction of an item in the possession of others or in transit. No specific penalties are mentioned in this document.
Whom does it apply to?
Collecting banks
What does it govern?
Responsibility for collection or return
What are exemptions?
The bank is not liable for the insolvency, neglect, misconduct, mistake, or default of another bank or person or for loss or destruction of an item in the possession of others or in transit.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
New Hampshire