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Can you summarize NHRS 382-A:4-303?
UNIFORM COMMERCIAL CODE > 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, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the actions and responsibilities of payor banks and their customers regarding items subject to notice, stop-payment order, legal process, or setoff. It specifies that any knowledge, notice, stop-payment order, or legal process received by the payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge the customer’s account if certain conditions are met. These conditions include the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching a cutoff hour for checks. The document also states that items may be accepted, paid, certified, or charged to the customer’s account in any order, subject to certain provisions. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks and their customers.
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
New Hampshire