Ask Reggi Your Question Now
Can you summarize NYCL UCC 4-211?
Collection of Items: Depositary and Collecting Banks > Media of Remittance; Provisional and Final Settlement in Remittance Cases
Short Summary
This legal document governs the media of remittance and the provisional and final settlement in remittance cases. It applies to collecting banks, remitting banks, and other banks involved in remittance transactions. The document outlines the various forms of settlement that a collecting bank may accept, including checks, cashier’s checks, and authorizations to charge accounts. It also establishes the liability of the collecting bank in case of dishonor of remittance checks or unauthorized instruments. Additionally, the document defines the conditions under which a settlement becomes final, based on the type of remittance instrument used and the actions taken by the receiving party. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Collecting banks, remitting banks, and other banks involved in remittance transactions
What does it govern?
Media of Remittance; Provisional and Final Settlement in Remittance Cases
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New York