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Can you summarize RIGL Title 6A, Chapter 4?
Uniform Commercial Code > Bank Deposits and Collections
Short Summary
The provided legal document content covers various aspects of bank deposits and collections. It governs the responsibility of a bank when presenting a documentary draft, including the delivery of documents to the drawee, seeking instructions in case of dishonor, and following reasonable instructions regarding the goods represented by the documents. It also addresses the relationship between a payor bank and its customer, covering rights, subrogation, duty to discover and report unauthorized signatures or alterations, authority to accept, pay, or collect items or accounts, wrongful dishonor, liability for damages, determination of account balance, charging a customer’s account, and the customer’s right to stop payment or close the account. Additionally, it governs the responsibilities and actions of collecting banks, payor banks, drawers, indorsers, transferors, and prior parties involved in the payment of specific items drawn on a payor other than a bank. The document provides guidelines for the acceptance, payment, certification, and charging of items by payor banks, as well as the return of items, final payment, security interest, settlement, encoding and retention warranties, and responsibilities of collecting banks. It also covers the medium and time of settlement, collection of items, presentment and transfer warranties, and provisional status of credits. The documents do not mention any specific exemptions or penalties.
Whom does it apply to?
Banks presenting a documentary draft, payor banks and their customers, collecting banks, payor banks, drawers, indorsers, transferors, and prior parties involved in the payment of specific items drawn on a payor other than a bank
What does it govern?
Responsibility of a bank when presenting a documentary draft, relationship between a payor bank and its customer, responsibilities and actions of payor banks in the collection of items, actions and responsibilities of collecting banks, payor banks, drawers, indorsers, transferors, and prior parties involved in the payment of specific items drawn on a payor other than a bank
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Rhode Island