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Can you summarize NHRS 382-A:4-301?
UNIFORM COMMERCIAL CODE > Deferred Posting; Recovery of Payment by Return of Items; Time of Dishonor; Return of Items by Payor Bank.
Short Summary
This section of the New Hampshire Revised Statutes, specifically Chapter 382-A, which pertains to the Uniform Commercial Code, outlines the rules and procedures related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It states that if a payor bank settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the settlement if it returns the item or sends written notice of dishonor or nonpayment. 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on its books, it may return the item or send notice of dishonor and may revoke any credit given or recover the amount withdrawn by its customer. The section also defines the time of dishonor and the methods of returning an item. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Payor banks
What does it govern?
Deferred Posting; Recovery of Payment by Return of Items; Time of Dishonor; Return of Items by Payor Bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire