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Can you summarize OHRC Chapter 1304?
Commercial Transactions > Bank Deposits And Collections
Short Summary
This legal document, governed by the Ohio Revised Code, specifically the Commercial Transactions section on Bank Deposits and Collections, addresses the variation by agreement in bank transactions. It defines various terms related to bank deposits and collections and clarifies the liability and responsibilities of banks, customers, and other parties involved. The document outlines the rules and procedures for handling payment orders, cancellation and amendment of payment orders, acceptance and execution of payment orders, and the obligations of receiving banks. It also addresses the handling of erroneous payment orders, the identification of intermediary banks and beneficiary’s banks, and the refund of payment. The document provides definitions for various terms used in bank deposits and collections and specifies the application of federal regulations and operating circulars. It is important to note that no specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks, customers, drawees, payor banks, intermediary banks, collecting banks, presenting banks, holders in due course, persons entitled to enforce, and other parties involved in bank deposits and collections in Ohio
What does it govern?
Bank deposits and collections in Ohio
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
Ohio