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Can you summarize OHRC Section 1304.29?
Bank Deposits And Collections > When items subject to notice, stop-payment order, legal process or setoff - order in which items may be charged or certified - UCC 4-303.
Short Summary
This legal document, governed by UCC 4-303, pertains to the order in which items may be charged or certified by payor banks. 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 its customer’s account if certain conditions are met. These conditions include the bank accepting or depositing 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 cut-off 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?
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
Ohio